John Textor resigns from his role at Ligue 1 club Lyon with Michele Kang announced as the new chairperson of the club.
John Textor, a co-owner of Crystal Palace, has left his post as chairman of the board of Lyon, a French club.
Through his Eagle Football Group company, the American controls 77% of Lyon and has agreed to sell Woody Johnson, owner of the New York Jets, his 43% investment in Palace.
Due to the team’s dire financial situation, Lyon was relegated from the top division of France to Ligue 2 last week.
With Michele Kang as the new chairwoman, Textor claims he would step away from the day-to-day management of the club while Lyon awaits the conclusion of their appeal.
John Textor, a co-owner of Crystal Palace, has left his post as chairman of the board of Lyon, a French club.
Through his Eagle Football Group company, the American controls 77% of Lyon and has agreed to sell Woody Johnson, owner of the New York Jets, his 43% investment in Palace.
Due to the team’s dire financial situation, Lyon was relegated from the top division of France to Ligue 2 last week.
With Michele Kang as the new chairwoman, Textor claims he would step away from the day-to-day management of the club while Lyon awaits the conclusion of their appeal.
Co-owner of Crystal Palace John Textor has resigned from his position as chairman of the board of the French team Lyon.
The American has agreed to sell Woody Johnson, the owner of the New York Jets, his 43 percent stake in Palace and owns 77 percent of Lyon through his Eagle Football Group organisation.
Last week, Lyon was demoted from France’s top level to Ligue 2 due to the team’s severe financial circumstances.
While Lyon awaits the outcome of their appeal, Textor says he will walk away from day-to-day club management with Michele Kang as the new chairwoman.
“I am extremely proud of our sporting success at OL [Olympique Lyonnais], having successfully rebuilt the squad, returning to European competition in each of the last two years, after a long absence,” said Textor.
“I’m grateful to everyone at OL for their dedication during this exceptionally challenging time.”
Textor will remain co-owner of Lyon despite reducing his role.