"The closing is expected to take place at the end of June 2023," as the transaction is subject to certain conditions, "including the approval of the National Women's Soccer League (NWSL) in the United States and the obtaining of various third-party authorizations in France," said the statement signed Tuesday by OL Groupe and YMK Holding.

The aim of the operation is to create "a new independent entity": OL Groupe must bring, via an exchange of titles, its women's team, eight times winner of the Champions League (record) under the leadership of former president Jean-Michel Aulas.

Michele Kang, through YMK Holdings, must contribute the majority of the shares of the Washington Spirit.

"This is the first time that such a multi-club structure exists at women's football level. This is really a new step," Kang told AFP.

The distribution of shares in this entity will be "52% for me and 48% for OL Groupe", she said without disclosing the value of the transaction.

'Unprecedented project'

"Each club will retain its own established identity, respecting its heritage and community of supporters," the text insists.

"Significant investments will be devoted centrally to the development of resources shared among all teams in the group, such as performance science and technology, data analytics, global recruitment, and sports staff development," according to the same source.

The Trophée des Championnes for Lyon at the expense of PSG on August 28, 2022 © DENIS CHARLET / AFP/Archives

Eventually, "the new organization aims to acquire additional clubs in other countries in Europe, South America and Asia," according to the same source.

In addition to its eight Champions Leagues, OL Women have won the France championship 15 times.

The text also specifies that OL Groupe, owner of OL Reign, has begun a formal process of sale of this NWSL club in order to avoid any future conflict of interest within this league.

"It is a great honor for me to lead this unprecedented project," continues the one who made her fortune in the United States thanks to Cognosante, a company specializing in innovative technologies in the health sector, which she founded in 2008. She is also the head of Cognosante Ventures, a venture capital firm that invests in the world of start-ups.

New money for Textor

On the sports field, Ms. Kang became a minority shareholder in Washington Spirit, a franchise playing in the NSWL, at the end of 2020, before becoming its owner in March 2022.

Michele Kang surrounded by her players Kelley O'Hara and Devon Kerr of the Washington Spirit, on November 20, 2021 in Louisville © Tim Nwachukwu / Getty / AFP / Archives

Born and raised in South Korea, she came to the United States for her studies, earning a bachelor's degree in economics in Chicago and a master's degree in management at Yale, according to her official biography on the Cognosanté website. She worked for the audit firm Ernst and Young and then the Northrop Grumman group (aerospace and defense).

The sale of OL Reign, added to the transaction on OL women, should allow the new boss of OL, John Textor, to carry out a takeover bid announced at the time of his takeover of OL Groupe.

The American businessman had indeed committed, in the sales agreements signed last December, to take back their shares from small holders - about 12% of the capital - at a price of 3 euros per share, or about 57 million euros.

© 2023 AFP