Lyon confirm agreement reached for Michele Kang to take over the club

[p]The planned deal involves the purchase of all EFG shares held by the holding company Eagle Bidco, which is under judicial administration, representing 87.78% of the capital for a price of 30 million dollars (26.3 million euros), the group explained in a statement. Kang, current CEO of EFG, has also committed to provide [b]"up to 71 million euros in new funds to the OL group"[/b].[/p][p]Following this transaction, Olympique Lyonnais will leave John Textor's multi-club group to [b]"become OL Groupe again as before"[/b] while remaining a publicly listed company.[/p][p]To finalize the deal, Michele Kang has personally committed to buy out the main lenders' debt and will become [b]"the sole controlling shareholder of OL"[/b]. Michele Kang will inject [b]"up to 71 million euros (75m€ including transaction costs) into the Group, with 31 million as soon as the deal closes"[/b]. The main lenders have granted concessions for the next 18 months. The club also made a point of explicitly thanking Ares, Goldman Sachs, MUFG, and MetLife "[b]for giving it a second chance.[/b]"[/p][p]Michele Kang will remain president and Michael Gerlinger will continue as CEO. It should be noted that OL [b]"will still be managed separately from OL Feminin (formerly OL Lyonnais)"[/b].[/p][h2]The DNCG's green light as the final condition[/h2][p]The agreement is now on the table, but the financial watchdog of French football will have the final say. Kang will be "[b]interviewed by the National Directorate of Management Control in the coming days,[/b]" and the completion of the deal remains strictly "[b]subject to the club's administrative retention in Ligue 1 by the DNCG.[/b]"[/p][p]"[b]It is with a great sense of responsibility and immense honor that I take part in this takeover process today (...). We will continue our efforts on all fronts to restore our club as one of the leaders in European football,[/b]" promised Kang.[/p][p]"[b]We have put Olympique Lyonnais back on the right track, allowing our sporting department to work with peace of mind. With Matthieu Louis-Jean and Paulo Fonseca, we will do everything in our power to live up to Michele's personal investment,[/b]" added Gerlinger.[/p]