Lyon were demoted from the French top flight to Ligue 2 last week because of the club's poor finances and he has now confirmed that he is stepping back from his day-to-day responsibilities at the club who will appoint Michael Gerlinger to the position of CEO and Michele Kang to the position of chair and president.
After accepting the new role, Kang stated: "We are entering a critical moment for OL and I want to thank John for his commitment and vision in bringing the club into the Eagle Football family. I look forward to working closely with Michael, OL management team, and the Board as we focus on supporting the club through the DNCG process and beyond."
Textor also spoke on his decision and praised the work the club has done over the last few years: "I am extremely proud of our sporting success at OL, having successfully rebuilt the squad, returning to European competition in each of the last two years, after a long absence. I’m grateful to everyone at OL for their dedication during this exceptionally challenging time. 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."
On Monday, UEFA announced it has postponed its decision on Palace and Lyon's involvement in the Europa League and now the club are awaiting a decision on whether they can compete in next season's Europa League. However, now Textor has sold his shares it looks increasingly likely that the Eagles will play in Europe, especially now Lyon have been relegated.