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John Textor invested in Lyon in 2022 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. Listen to the latest Football Daily podcast Wimbledon: 14 Britons in action on day one Transfer news latest: Chelsea agree fee for Pedro & Phil Mc Nulty Q&A White 'hasn't stopped shaking' after late Lions call-up Diane Morgan's heartfelt journey into her own past Munroe Bergdorf on finding love as a trans woman Jaw-dropping black comedy film starring Barry Keoghan The World War One origins of pioneering plastic surgery What are main questions facing England before Euros? A family affair as Poulter and son battle to qualify for Open Have we watched Messi's final game on global stage? Who will win Euro 2025? BBC pundits make their predictions. Video Who will win Euro 2025? BBC pundits make their predictions Verstappen, Russell and Mercedes - what factors are at play? The British teenage trio creating Wimbledon history Will Archer 2. 0 still be a £100m cheat code on England Test return? The end of one of football's great full-back duos - where do they rank? The Commonwealth Games swimmer who might not see 40 The chase is on - why no team can feel safe against Stokes' England Why 'best-dressed officials' are missing from Wimbledon Euro 2025: How have England evolved? What are Wales' chances? 'Like talking to Andy Murray' - impressionist quizzes tennis stars. Video'Like talking to Andy Murray' - impressionist quizzes tennis stars Which young players could light up Euro 2025? What do you remember about the 2013 Lions tour? Copyright © 2025 BBC. The BBC is not responsible for the content of external sites. Read about our approach to external linking.