John Textor steps down from Lyon management after club’s relegation to Ligue 2

John Textor has stepped back from daily management of Olympique Lyonnais following the club’s relegation to Ligue 2 — a decision confirmed by French football authorities.

Crystal Palace’s future in next season’s Europa League now hangs in balance due to UEFA’s multi-club ownership rules — as Eagle Football Holdings led by Textor owns Lyon and holds a 43% stake in the Premier League club.

Michele Kang, owner of London City Lionesses and Washington Spirit plus OL Lyonnes, has been appointed as chairman and president of the club — taking over the position previously held by Textor.

Lyon’s relegation was initially announced provisionally by DNCG, French football’s financial watchdog, last November due to financial irregularities. Meanwhile, Textor has agreed to sell his Palace stake for £190 million to New York Jets owner Woody Johnson — pending Premier League approval.

“The club’s financial position remains strong despite this ruling,” stated Textor who affirmed Lyon will appeal the decision.