Crystal Palace co-owner John Textor has resigned from his leadership position on the board of French club Lyon.
The American, who has agreed to sell his 43% stake in Palace to New York Jets owner Woody Johnson, owns 77% of Lyon through his Eagle Football Group company.
Lyon were demoted from the French top flight to Ligue 2 last week because of the club’s poor finances.
As Lyon await the outcome of their appeal, Textor says he will step away from the day-to-day running of the club with Michele Kang announced 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.”
Textor will remain co-owner of Lyon despite reducing his role
The 59-year-old said at the weekend he has “not been so good at the politics of France” after reporting debt of £418m in 2024, adding it was time for a change of leadership.
The American’s involvement with the club has put Palace’s hopes of playing in the Europa League in doubt.
Uefa’s multi-club ownership rules prevent multiple teams under the same ownership structure competing in the same European competition.
Textor agreed a deal to sell his stake in the London club in a bid to help the side’s prospects of playing in Europe.
Palace are awaiting a decision from Uefa on whether they can compete in next season’s Europa League.
[BBC]