Michele Kang appointed president of Olympique Lyonnais

Eagle Football Group, the holding company behind Olympique Lyonnais, has appointed women's football mogul Michele Kang as the president of the financially struggling French club, it said on Monday.

Kang, who owns Lyon's women's soccer team OL Lyonnes, will also be the CEO of Eagle Football Group, replacing U.S. businessman John Textor.

Olympique Lyonnais have been relegated to Ligue 2 following an audit of its finances, which the club said it would appeal.

"We are entering a critical moment for OL," Kang said in a statement.

Eagle Football Group also said it had named the group's chief sports officer, Michael Gerlinger, as the director general of Olympique Lyonnais.