LYON: American businesswoman Michele Kang has replaced John Textor as president of Olympique Lyonnais in a bid to help reverse the club`s relegation from Ligue 1.

The second-largest shareholder at the club behind Textor, Kang was already president of the Lyon women`s team.

`Michele is a perfect choice to lead OL in the next phase and I have full confidence in Michele and OL will come out stronger under her leadership,` Textor said in a statement released on Monday.

Textor had already said last weekend that he intended to step down from running the club.

French football`s financial watchdog (DNCG) relegated Lyon to Ligue 2 last week in the multiclub ownership case involving Lyon and Cryst al Palace.

The multi-club ownership regulations do not allow clubs under the same ownership compete in the same European competition, and Textor holds a stake in both Palace and Lyon.

Palace qualified for the Europa League by winning the FA Cup last season while Lyon reached the competition by finishing sixth in Ligue 1 but have since been relegated.

Lyon has appealed the decision of DNCG (Direction Nationale du Controle de Gestion), which came following an audit of the club`s finances, and UEFA`s Club Financial Control Body will now await the outcome of the appeal before making its decision.

The European governing body and the Ligue 1 side Lyon reached a settlement agreement over the club`s breach of the financial sustainability requirements, and as part of the settlement, Lyon agreed on their exclusion from European competition should the DNCG confirm their relegation.-Agencies