Latest news with #MicheleKang
The Guardian
11-07-2025
- Business
- The Guardian
Crystal Palace banned from Europa League and relegated to Conference League
Crystal Palace have been banned from the Europa League and moved into the Conference League after Uefa concluded the FA Cup winners were in breach of its multi-club ownership rules. The ban had been expected after Lyon won their appeal against relegation to Ligue 2, clearing them to take their place in the tournament. Clubs with the same owner are barred from competing in the same Uefa competition if an individual or ownership group is considered to have a decisive influence over more than one of those teams. John Textor is Palace's largest shareholder and the owner of Lyon. A 1 March deadline for resolving multi-club ownership issues was not met and although Textor recently agreed a deal to sell his Palace shares to the US billionaire Woody Johnson, the move has not been completed and was deemed to have come too late. Palace, who have never played in a major European competition, are expected to appeal to the court of arbitration for sport. Nottingham Forest may be promoted from the Conference League to take Palace's Europa League spot. Lyon qualified for the Europa League by finishing sixth in France's top division and were relegated over financial issues. The club had agreed with Uefa that they would be excluded from its club competitions if they ended up in the second tier. Textor this month resigned from his leadership positions at Lyon, including from the board, and Michele Kang was named as the president and chair. Kang owns the club's women's team, OL Lyonnes, and other clubs including London City Lionesses. Palace's four co-owners – Textor, Steve Parish, Josh Harris and David Blitzer – were part of a club delegation that attended a meeting at Uefa's headquarters in Nyon and argued that Textor did not have a decisive influence at Selhurst Park. Sign up to Football Daily Kick off your evenings with the Guardian's take on the world of football after newsletter promotion That, though, did not convince Uefa and the governing body rejected an attempt by Textor and Blitzer to place their shares in a blind trust because they had missed the March deadline. Use of a blind trust has enabled other clubs with the same owners to play together in a Uefa competition.
New Straits Times
10-07-2025
- Business
- New Straits Times
Lyon stave off relegation after successful appeal
PARIS: Seven-time French champions Lyon have kept their Ligue 1 place after winning an appeal against relegation, the French Football Federation (FFF) said today. Last month, Lyon were relegated to the second-tier Ligue 2 by French football's financial watchdog, who had placed the club under budgetary restrictions in November. American businesswoman Michele Kang then took over as club president from compatriot John Textor. The FFF said Lyon would have to cut their wage bill and transfer budget for the upcoming campaign. "Lyon would like to thank the appeal commission after it recognised the ambition of the new club management," the club said in a statement. "Today's decision constitutes the first step of re-establishing trust in Lyon." Two weeks ago, Textor said he would take a step back from the day-to-day running of the club. The second-largest shareholder at the club behind Textor, Kang was already president of the Lyon women's team. "I'm actually very proud of what we have accomplished to reach this decision, and I can honestly say that we gave everything we have," said Kang. "This was really a collective mission and a goal to save the club... and continue its legacy," she added. "We are going to do everything in our power to ensure that we're going to leave this club a little better than the way we found it." Lyon finished sixth in Ligue 1 last season to qualify for the Europa League and will be allowed to play in that competition after the successful appeal, but they had already agreed to pay UEFA a fine. Textor took over as Lyon's majority owner in December 2022 from long-standing boss Jean-Michel Aulas, who had overseen unprecedented success at the French outfit. Lyon won seven consecutive French titles between 2002 and 2008, under Aulas. "Michele Kang has been able to provide, with courage, the guarantees needed to preserve the future of the club," Aulas said on social media. "But the most difficult part is to come. A new period is underway, one of reconstruction." "I will remain committed, alongside Michele Kang and all those who believe in the strength of Lyon's ambition," the 76-year-old Frenchman added. Textor, 59, also holds stakes in Brazilian side Botafogo and Belgian club Molenbeek. He sold his 43 per cent stake in Premier League side Crystal Palace in mid-June as he tried to balance the books at Lyon. Lyon have reduced their salary bill with attacker Alexandre Lacazette and goalkeeper Anthony Lopes released. They have sold Rayan Cherki to Manchester City and Maxence Caqueret to Como. Textor said his Eagle group has also put €83 million (RM414 million) into the club. Only five clubs have won Ligue 1 more often. Paris Saint-Germain hold the record with 13 titles. Lyon began their pre-season on Monday. Their first game of the Ligue 1 season is a trip to Lens on the weekend of Aug 15-17. - AFP
Malay Mail
10-07-2025
- Business
- Malay Mail
Lyon win appeal against relegation, will stay in Ligue 1 next season
PARIS, July 10 — Seven-time French champions Lyon have kept their Ligue 1 place after winning an appeal against relegation, the French Football Federation (FFF) said yesterday. Last month, Lyon were relegated to the second-tier Ligue 2 by French football's financial watchdog, who had placed the club under budgetary restrictions in November. American businesswoman Michele Kang then took over as club president from compatriot John Textor. The FFF said Lyon would have to cut their wage bill and transfer budget for the upcoming campaign. 'Lyon would like to thank the appeal commission after it recognised the ambition of the new club management,' the club said in a statement. 'Today's decision constitutes the first step of re-establishing trust in Lyon.' Two weeks ago, Textor said he would take a step back from the day-to-day running of the club. The second-largest shareholder at the club behind Textor, Kang was already president of the Lyon women's team. 'I'm actually very proud of what we have accomplished to reach this decision, and I can honestly say that we gave everything we have,' said Kang. 'This was really a collective mission and a goal to save the club... and continue its legacy,' she added. 'We are going to do everything in our power to ensure that we're going to leave this club a little better than the way we found it.' Lyon finished sixth in Ligue 1 last season to qualify for the Europa League and will be allowed to play in that competition after the successful appeal, but they had already agreed to pay UEFA a fine. Textor took over as Lyon's majority owner in December 2022 from long-standing boss Jean-Michel Aulas, who had overseen unprecedented success at the French outfit. Lyon won seven consecutive French titles between 2002 and 2008, under Aulas. 'Michele Kang has been able to provide, with courage, the guarantees needed to preserve the future of the club,' Aulas said on social media. 'But the most difficult part is to come. A new period is underway, one of reconstruction.' 'I will remain committed, alongside Michele Kang and all those who believe in the strength of Lyon's ambition,' the 76-year-old Frenchman added. Textor, 59, also holds stakes in Brazilian side Botafogo and Belgian club Molenbeek. He sold his 43 percent stake in Premier League side Crystal Palace in mid-June as he tried to balance the books at Lyon. Lyon have reduced their salary bill with attacker Alexandre Lacazette and goalkeeper Anthony Lopes released. They have sold Rayan Cherki to Manchester City and Maxence Caqueret to Como. Textor said his Eagle group has also put 83 million euros ($97 million) into the club. Only five clubs have won Ligue 1 more often. Paris Saint-Germain hold the record with 13 titles. Lyon began their pre-season on Monday. Their first game of the Ligue 1 season is a trip to Lens on the weekend of August 15-17. — AFP
RTHK
10-07-2025
- Business
- RTHK
Lyon stave off relegation following successful appeal
Lyon stave off relegation following successful appeal Lyon avoided relegation to the second-tier Ligue 2 after submitting a financial blueprint to authorities. File photo: Reuters Seven-time French champions Lyon have kept their Ligue 1 place after winning an appeal against relegation, the French Football Federation (FFF) said. Last month, Lyon were relegated to the second-tier Ligue 2 by French football's financial watchdog, who had placed the club under budgetary restrictions in November. American businesswoman Michele Kang then took over as club president from compatriot John Textor. The FFF said Lyon would have to cut their wage bill and transfer budget for the upcoming campaign. "Lyon would like to thank the appeal commission after it recognised the ambition of the new club management," the club said in a statement. "Today's decision constitutes the first step of re-establishing trust in Lyon." Two weeks ago, Textor said he would take a step back from the day-to-day running of the club. The second-largest shareholder at the club behind Textor, Kang was already president of the Lyon women's team. "I'm actually very proud of what we have accomplished to reach this decision, and I can honestly say that we gave everything we have," said Kang. "This was really a collective mission and a goal to save the club and continue its legacy. We are going to do everything in our power to ensure that we're going to leave this club a little better than the way we found it." Lyon finished sixth in Ligue 1 last season to qualify for the Europa League and will be allowed to play in that competition after the successful appeal, but they had already agreed to pay Uefa a fine. Textor took over as Lyon's majority owner in December 2022 from long-standing boss Jean-Michel Aulas, who had overseen unprecedented success at the French outfit. Lyon won seven consecutive French titles between 2002 and 2008, under Aulas. "Michele Kang has been able to provide, with courage, the guarantees needed to preserve the future of the club," Aulas said on social media. "But the most difficult part is to come. A new period is under way, one of reconstruction." Lyon have reduced their salary bill with attacker Alexandre Lacazette and goalkeeper Anthony Lopes released. They have sold Rayan Cherki to Manchester City and Maxence Caqueret to Como. (AFP)
Telegraph
09-07-2025
- Business
- Telegraph
Crystal Palace face expulsion from Europa League
Lyon were demoted by French football's financial watchdog (DNCG) in November over the poor state of their finances under Eagle Football ownership. Initial relegation was confirmed last month after a meeting between club owner John Textor and the DNCG. Women's football mogul Michele Kang, who owns Lyon's women's team OL Lyonnes, has been appointed president, replacing Textor. 'Today's decision is the first step in restoring confidence in Olympique Lyonnais and we now return our focus to creating success on the pitch, ready for next season,' the French club said. The First Chamber of Uefa's Club Financial Control Body had announced it had 'decided to postpone its assessment of the multi-club ownership case involving Olympique Lyonnais and Crystal Palace' pending the Lyon appeal. Johnson is understood to have paid about £200 million to buy 42.9 per cent of Palace previously owned by US investor Textor. The deal was expected to satisfy Uefa that there are no multi-club issues. It is subject to approval by the Premier League and its owners' and directors' test. The development takes Textor out of the picture at Palace, leaving chairman Steve Parish and original US investors Josh Harris and David Blitzer to run the club, with Johnson as a supportive partner. Textor had neglected to place his shares in Lyon in a blind trust by the early-March deadline in order to comply with Uefa rules.
