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The American investor, who has consented to transfer his 43% ownership in Palace to Woody Johnson, who owns the New York Jets, holds a 77% share of Lyon via his Eagle Football Group.
Lyon faced relegation from Ligue 1 to Ligue 2 last week due to financial struggles.
As Lyon anticipates the decision regarding their appeal, Textor has declared that he will withdraw from the everyday management of the club, with Michele Kang appointed as the new chair.
"I take great pride in our achievements in sports at OL [Olympique Lyonnais], having effectively revamped the team and returned to European competitions for the last two years after a lengthy absence," Textor remarked.
"I appreciate everyone at OL for their commitment during this particularly tough period."
Even with a diminished role, Textor will continue as a co-owner of Lyon.
The 59-year-old mentioned over the weekend that he "hasn't excelled in navigating the political landscape of France" after announcing a debt of £418 million in 2024, expressing that it is time for leadership to change.
The American's association with the club has cast uncertainty over Palace's aspirations to compete in the Europa League.
Uefa's regulations regarding multi-club ownership prohibit several teams under one ownership from participating in the same European tournament.
Textor finalized an agreement to sell his interest in the London club in an effort to improve the team's chances of European competition.
Palace is currently waiting for Uefa’s ruling on their eligibility for next season’s Europa League.
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