American businessman John Textor has stepped back from the day-to-day management of Lyon following the club’s relegation to Ligue 2.

Crystal Palace’s participation in the Europa League next season is uncertain due to UEFA’s multi-club ownership rules, as Eagle Football Holdings — where John Textor serves as chairman — own Lyon and have a 43% stake in the Premier League club.

Textor hinted at stepping back from his role with Lyon at the weekend and said he would focus more on Brazilian side Botafogo who are also part of Eagle Football Holdings.

Textor had already agreed a £190 million deal ($254m) to sell his stake in Palace to New York Jets owner Woody Johnson, subject to Premier League approval.

Michele Kang, owner of the London City Lionesses and Washington Spirit as well as OL Lyonnes, Lyon’s women’s team, has been appointed as chair and president at the club as a whole.

Lyon’s demotion was provisionally announced by the DNCG, French football’s financial watchdog, in November due to financial irregularities and was confirmed on Tuesday. Textor said the club would appeal against the decision and that Lyon’s financial position remained strong despite the ruling.