Eagles co-owner steps down from Lyon role | OneFootball

Crystal Palace co-owner John Textor has stepped down from his executive role on the board of French side Lyon.

The American businessman, who recently agreed to sell his 43% share in Palace to New York Jets owner Woody Johnson, controls 77% of Lyon through his company, Eagle Football Group.

Lyon were relegated to Ligue 2 last week due to serious financial issues.

As the club waits to learn the outcome of its appeal, Textor has announced he will relinquish day-to-day responsibilities at the club, with Michele Kang appointed 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."

Although he is stepping back from operational duties, Textor will retain his ownership stake in the club.

Over the weekend, the 59-year-old commented that he has "not been so good at the politics of France" after the club posted £418 million in debt for 2024, suggesting it was time for a shift in leadership.

His ties to Lyon have complicated Palace’s eligibility for the Europa League next season.

UEFA regulations on multi-club ownership prohibit two clubs with shared ownership structures from taking part in the same European competition.

To help clear the way for Palace’s European ambitions, Textor agreed to offload his interest in the South London club.

The Eagles are now waiting on UEFA’s final decision regarding their participation in next season’s Europa League.