French football club Lyon has retained its first-division status after its new president - American billionaire Michelle Kang - successfully overturned a decision to administratively downgrade the club.
After the French Football Financial Control Commission (FNFC) relegated Lyon to Ligue 24 on June 2 due to financial irregularities, the club's fate was on the brink of an abyss.
However, Kang presented a convincing financial consolidation plan to the Appeals Committee, which avoided relegation to the Second League.
Kang, known for her strong support of women's sports, officially became Lyon president on June 30, when she replaced John Textor.
She is already the owner of the Lyon women's team and the club's second-largest shareholder, and now she has taken over the leadership of the men's team at a time of crisis.
To stabilize the club, Kang announced austerity measures and restructuring that will allow the club to return to financial balance. Although a more modest budget and lower ambitions on the pitch are expected, Lyon remains part of the elite of French football.
"She knows how to run a club, she knows how to bring the right people together and she knows how to achieve goals. She saved us at the last moment," the club's management said.
Lyon will play in the Europa League next season.
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