Korean American entrepreneur Michele Kang agrees to acquire French football club Lyon

Korean American business executive Michele Kang agreed to acquire French football club Olympique Lyonnais, a deal that would give her sole control of one of France's storied teams.

"Main shareholder Eagle Bidco, represented by its court-appointed administrator Cork Gully, reached an agreement with Michele Kang regarding the sale to Michele Kang of 87.8 percent of the shares of Eagle Football Group SA, the parent company of Olympique Lyonnais," the football club announced on its website Wednesday.

Under the agreement, Kang has "personally committed to repaying the debt owed to Eagle Bidco's main lenders" and would become Lyon's sole controlling shareholder.

Kang also committed to invest a total of 71 million euros ($80.5 million), including acquisition costs. Of that amount, 31 million euros will be injected immediately upon completion of the acquisition.

If the transaction is finalized, Lyon will separate from Eagle Football Group and operate as an independent entity under OL Group.

The acquisition still requires approval from the National Directorate of Management Control (DNCG), French football's financial watchdog. The deal also depends on Lyon retaining its Ligue 1 status for next season.

Lyon previously faced being relegated to the second-tier Ligue 2 last year because of financial difficulties. However, the club avoided the outcome after Kang led an appeal before the DNCG.

Kang is a Korean American entrepreneur with an estimated net worth of $1.2 billion, according to Forbes. She owns and operates several women's football clubs, including OL Lyonnes, the Washington Spirit in the United States and London City Lionesses in England.

BY HYEON YE-SEUL [[email protected]]