Y. Michele Kang

Last updated
Yongmee Michele Kang
BornJune 1959 (age 63)
South Korea
Occupation(s)CEO and Founder of Cognosante
Known forMajority owner Washington Spirit

Majority owner OL Lyon Féminin (pending approval)
OL Groupe board director

Eagle Football Holdings director

Contents

Yongmee Michele Kang [1] [2] (born June 1959) [2] is an American businesswoman, philanthropist, investor and professional sports team owner. She is the founder and CEO of Cognosante, a medical technology company, [3] and Cognosante Ventures, a venture capital firm. [1]

Kang is the majority owner of Washington Spirit, which competes in the United States National Women's Soccer League, and is in the process of becoming the owner of Olympique Lyonnais Féminin, which competes in the French Division 1 Féminine. [4]

Early life

Kang was born in South Korea and immigrated to the United States on her own as a student. [5] She earned a bachelor's degree in economics from the University of Chicago and a master's degree in public and private management from the Yale School of Management. [5] [6]

The problem was that I have never been very good at accepting what I “should” or “should not” do, especially when it came to what a woman can or cannot do. With my father’s reinforcement, I believed I could do anything a boy could do. I wanted something different from the future than what was expected of me.

— Y. Michele Kang [7]

Business career

Ernst & Young, Northrup Grumman

Kang was a partner with Ernst & Young specializing in the high-tech and telecommunications industries. [8] She joined Northrop Grumman in 2000 as vice president of their e-Business unit. She later worked was vice president and deputy general manager of the Global Information Technology Division. In 2003, she became vice president of their Health & Science Solutions unit. [8]

Cognosante

In 2008, Kang founded Cognosante "to disrupt and challenge the status quo in the U.S. healthcare system". [9] The corporation works with federal and state health agencies to "expand access to care, improve care delivery, address social determinants of health, and ensure safety and security through multi-faceted technology and customer experience (CX) solutions." [10] Kang has said that she is focused on developing a pipeline of opportunities that "will directly improve the lives of veterans, military spouses, persons with disabilities, seniors and residents in underserved communities." [11]

Sports ownership

Washington Spirit

On December 29, 2020, Washington Spirit announced that Kang had joined the club's ownership group. [12] Later reports confirmed that the stake was 35 percent, equal to former majority owner Steve Baldwin's stake though Baldwin retained control over the team. [3] Following Spirit coach Richie Burke removing himself from coaching duties in August 2021 and subsequent media reports alleging abusive behavior by Burke toward players, Kang began pursuing majority and controlling ownership of the club. [13] [14]

After a protracted negotiation process, [15] [16] Baldwin and minority owner Bill Lynch agreed to sell the club to Kang. [14] Following league approvals, Kang officially became majority owner on March 30, 2022. [17] [18] Kang became the first woman of color to be the majority owner of an NWSL club. [13]

During the negotiations, the Spirit won the 2021 NWSL championship on November 20, 2021, defeating the Chicago Red Stars 2–1. [19]

On May 24, 2023, Kang's acquisition of the Spirit was named the Sports Business Journal 2023 deal of the year. [20]

Olympique Lyonnais

Kang is an OL Groupe board director and a director in Eagle Football Holdings, the investment vehicle of OL Groupe chairman John Textor. [2] On May 13, Olympique Lyonnais Féminin won the Coupe de France féminine 2–1 over Paris Saint-Germain, its 10th victory in the competition, on a brace by Ada Hegerberg. [21] Kang attended the match and raised the trophy with Lyon. [22]

On May 16, OL Groupe and Kang announced the formation of a separate entity that would be composed of her stake in the Spirit and OL Groupe's Olympique Lyon Féminin. OL Groupe would retain a 48% stake in the resulting new entity, and Kang would become the club's majority owner and CEO, pending regulatory approval. [23] [24] [25] [26] [4]

Honors and awards

Personal life

Also a philanthropist, Kang created the Cognosante Foundation and is an active supporter of The Kennedy Center, [31] [32] which also was a front-of-jersey sponsor of the Washington Spirit in 2022. [33] She has served on the boards of the American Red Cross, Washington National Opera, Northern Virginia Technology Council, and Palm Beach Symphony. [34] She has served as Co-chair of the American Enterprise Institute National Council. [9]

In 2019, she was awarded the American Free Enterprise Medal by Palm Beach Atlantic University. [31]

Kang's $15 million sale of her condominium in Palm Beach, Florida was the third largest in Palm Beach history for an oceanfront apartment. [1] [35]

Related Research Articles

<span class="mw-page-title-main">Olympique Lyonnais</span> Football club

Olympique Lyonnais, commonly referred to as simply Lyon or OL, is a French professional football club based in Lyon in Auvergne-Rhône-Alpes. The men play in France's highest football division, Ligue 1. Founded in 1950, the club won its first Ligue 1 championship in 2002, starting a national record-setting streak of seven successive titles. Lyon has also won eight Trophées des Champions, five Coupes de France, and three Ligue 2 titles.

<span class="mw-page-title-main">Olympique Lyonnais Féminin</span> Football club

Olympique Lyonnais Féminin is a French women's football club based in Lyon. The club has been the female section of Olympique Lyonnais since 2004. It is the most successful club in the history of Division 1 Féminine, with fifteen league titles as Olympique Lyonnais and four league titles as FC Lyon before the acquisition. Lyon currently plays in Division 1 Féminine.

<span class="mw-page-title-main">Eugénie Le Sommer</span> French footballer

Eugénie Anne Claudine Le Sommer is a French professional footballer who plays as a forward for French club Lyon and the France national team. She primarily plays as a creative attacking midfielder and left winger, but has also played as a second striker for her country.

<span class="mw-page-title-main">Laura Harvey</span>

Laura Kate Harvey is an English football manager and former player who currently manages OL Reign of the American National Women's Soccer League (NWSL). She holds USSF "A" and UEFA "A" coaching licenses.

<span class="mw-page-title-main">Washington Spirit</span> American professional womens soccer team

The Washington Spirit is an American professional soccer club based in the Washington, D.C. metropolitan area that participates in the National Women's Soccer League (NWSL). It is a continuation of the D.C. United Women of the W-League and continues to field both an amateur WPSL team and a youth team, both under the Spirit name.

<span class="mw-page-title-main">OL Reign</span> Womens soccer team based in Seattle, Washington

OL Reign is an American professional women's soccer team based in Seattle, Washington. Founded by Bill and Teresa Predmore in 2012 as Seattle Reign FC, it was one of eight inaugural members of the National Women's Soccer League (NWSL). In 2020, OL Groupe, the parent company of French clubs Olympique Lyonnais and Olympique Lyonnais Féminin, became the team's majority owner and rebranded to its current name, badge, and colors. Laura Harvey is the team's head coach; she led the team to two consecutive NWSL Shield wins in 2014 and 2015 and a third in 2022.

The 2016–17 Olympique Lyonnais Féminin season was the club's thirteenth season since FC Lyon joined OL as its women's section. Like the previous season, the team won all three competitions: the Division 1 Féminine, the Coupe de France Féminine and notably its fourth UEFA Women's Champions League after it defeated Paris Saint-Germain in the final.

The 2020 OL Reign season is the team's eighth season of play and their eighth season in the National Women's Soccer League, the top division of women's soccer in the United States. It is the team's first season under new majority owner OL Groupe, the parent company of French soccer clubs Olympique Lyonnais and Olympique Lyonnais Féminin, and the resultant new team name.

<span class="mw-page-title-main">Phallon Tullis-Joyce</span> American association football player

Phallon Abaigeal Tullis-Joyce is an American professional soccer player who plays as a goalkeeper for National Women's Soccer League (NWSL) club OL Reign. She previously played for French Division 1 Féminine club Reims.

Carlyn Elizabeth Baldwin is an American soccer midfielder who plays for Damaiense in Portugal's Campeonato Nacional Feminino.

<span class="mw-page-title-main">Inès Jaurena</span> French footballer

Inès Jaurena is a French professional footballer who plays as a midfielder for Washington Spirit and the France national team.

The 2021 OL Reign season is the team's ninth season of play and their ninth season in the National Women's Soccer League, the top division of women's soccer in the United States.

Marla Messing is an American attorney and sports executive. She is known primarily for her work in soccer – first with the 1994 FIFA World Cup and as one of the first executives of Major League Soccer in 1995. In 1996, Messing became president and chief executive officer of the committee that organized the 1999 FIFA Women's World Cup. Most recently, Messing served as the interim CEO of the National Women's Soccer League. From 2019 to 2021 she was the CEO of USTA Southern California.

<span class="mw-page-title-main">Trinity Rodman</span> American professional soccer player (born 2002)

Trinity Rain Moyer-Rodman is an American professional soccer player who plays as a forward for Washington Spirit of the National Women's Soccer League (NWSL) and the United States women's national soccer team. At age 18, she became the youngest drafted player in NWSL history after being selected second in the 2021 NWSL College Draft. Rodman earned NWSL Rookie of the Year, NWSL Best XI, and U.S. Soccer Young Female Player of the Year honors following her first season in 2021. As of February 2022, she is the highest paid player in the league.

John Textor is an American businessman. He is the former Executive Chairman of FuboTV, Inc., a sports-centric OTT streaming company. Textor is a globally recognized entrepreneur of digital distribution business models for media & entertainment. He has been recognized for his work in the fields of digital media & entertainment with the nickname "Hollywood's Virtual Reality Guru".

The 2022 Washington Spirit season was the club's ninth season of play and their ninth season in the National Women's Soccer League, the top division of women's soccer in the United States.

The 2022–23 Olympique Lyonnais Féminin season is the club's.

The 2019–20 Olympique Lyonnais Féminin season was the club's sixthteenth season since FC Lyon joined OL as its women's section. Olympique Lyonnais retained their Division 1 Féminine, Coupe de France Féminine and UEFA Women's Champions League titles.

<span class="mw-page-title-main">OL Groupe</span> French sports holding company

OL Groupe is a French holding company created in 1999 primarily known for its ownership and management of the Olympique Lyonnais professional men's and women's association football clubs and their stadium, Parc Olympique Lyonnais. Since June 2022, OL Groupe is primarily owned by Eagle Football Holdings, which is controlled by American businessman John Textor.

References

  1. 1 2 3 Pandy, Jordan (September 17, 2020). "Venture capital firm founder buys Palm Beach condo for $6M". The Real Deal. Retrieved April 12, 2023.
  2. 1 2 3 "AP 01 Appointment Of A Director". Companies House . Retrieved April 12, 2023.
  3. 1 2 Hensley-Clancy, Molly; Goff, Steven (April 30, 2021). "Co-owners of NWSL's Spirit fight for control after abuse allegations against coach". Washington Post . Retrieved April 12, 2023.
  4. 1 2 Brockway, Ella (May 16, 2023). "Spirit owner Michele Kang to take over Lyon, creating network of women's clubs". The Washington Post. Retrieved 16 May 2023.
  5. 1 2 "Michele Kang's idea to change Greater Washington's workforce for the better". Washington Business Journal (Interview). November 1, 2022. Retrieved April 12, 2023.
  6. ↑ "Coming Home: Scenes from Reunion Weekend" (Press release). Yale School of Management. February 6, 2020. Retrieved April 12, 2023.
  7. ↑ Kang, Y. Michele (November 14, 2019). "Think Differently, Defy Expectations Y. Michele Kang" (PDF). Palm Beach Atlantic University. Retrieved 16 May 2023.
  8. 1 2 "Northrop Grumman Names Michele Kang Vice President, Health & Science Solutions". Northup Grumman. Retrieved 16 May 2023.
  9. 1 2 "Board of Directors". Northern Virginia Technology Council. Retrieved 16 May 2023.
  10. ↑ "About Cognosante". Cognosante. Retrieved 16 May 2023.
  11. ↑ "Chief Officer Award Finalist Michele Kang: 'Dream Big, Expect Obstacles And Succeed Anyway'". Washington Exec. May 14, 2021. Retrieved 16 May 2023.
  12. ↑ Anderson, Jason (December 29, 2020). "Y. Michele Kang joins Washington Spirit ownership group". Black and Red United. Retrieved April 12, 2023.
  13. 1 2 Hensley-Clancy, Molly (March 30, 2022). "Sale of NWSL's Spirit closes, making history for owner Michele Kang". Washington Post . Retrieved April 12, 2023.
  14. 1 2 Maurer, Pablo; Linehan, Meg; Yang, Steph (February 8, 2022). "Washington Spirit ownership: Steve Baldwin, Bill Lynch agree to sell team to Michele Kang". The Athletic . Retrieved April 12, 2023.
  15. ↑ Murray, Caitlin. "NWSL's Washington Spirit power struggle ends as Y. Michele Kang takes over". ESPN. Retrieved 16 May 2023.
  16. ↑ "After months of friction, Michele Kang becomes controlling owner of Washington Spirit". NPR. Retrieved 16 May 2023.
  17. ↑ Maurer, Pablo (March 30, 2022). "Michele Kang officially majority owner of Spirit". The Athletic . Retrieved April 12, 2023.
  18. ↑ "Spirit's Michele Kang becomes first woman of color to own NWSL team". The Washington Post. March 30, 2022. Retrieved June 11, 2022.
  19. ↑ "Washington Spirit wins NWSL Championship over Chicago Red Stars in extra-time thriller". ESPN . Associated Press. November 20, 2021. Retrieved April 12, 2023.
  20. 1 2 Mishra, Abishek (May 25, 2023). "American Businesswoman's $35 Million Investment in Trinity Rodman's Washington Spirit Trumps Phoenix Suns' $4 Billion Takeover to Win Major North American Award". EssentiallySports. Retrieved May 25, 2023.
  21. ↑ Boutonnat, Victor (May 13, 2023). "Coupe de France féminine. Lyon prend le dessus sur le PSG et remporte sa 10e Coupe de France". Ouest-France . Retrieved May 16, 2023.
  22. ↑ "Spirit owner Michele Kang attends Lyon women's match, hoists trophy with team amid takeover reports". The Athletic . May 13, 2023.
  23. ↑ "OL Groupe and Michele Kang Form Global Multi-Team Women's Football Group" (Press release). Washington Spirit. May 16, 2023. Retrieved May 16, 2023.
  24. ↑ Caron, Emily (May 16, 2023). "Spirit's Michele Kang adds Lyonnais Feminin to Women's Soccer Venture". Sportico . Retrieved May 16, 2023.
  25. ↑ Hess, AJ (May 16, 2023). "Spirit owner Michele Kang buys Lyon to build first international women's soccer empire". Fast Company . Retrieved May 16, 2023.
  26. ↑ Guillement, Hugo (May 16, 2023). "Michele Kang, nouvelle actionnaire majoritaire de l'OL féminin : « Il n'est pas question de changer l'OL »" [Michele Kang, new majority shareholder of OL Women: “There is no question of changing OL”]. L'Équipe (in French). Retrieved May 16, 2023.
  27. ↑ "2023 Horatio Alger Award Recipient". Horatio Alger Association. Retrieved 16 May 2023.
  28. ↑ "EARN ABOUT THE 2022 LAUREATES: MICHELE KANG, THE WASHINGTON SPIRIT AND COGNOSANTE". Junior Achievement of Greater Washington. Retrieved 16 May 2023.
  29. ↑ "EY Entrepreneur Of The Year Award winners announced". Virginia Business. June 19, 2015. Retrieved 16 May 2023.
  30. ↑ "100 Women Leaders in STEM" (PDF). STEMConnector. Retrieved 16 May 2023.
  31. 1 2 "University to Honor Health IT Entrepreneur on American Free Enterprise Day". Palm Beach Atlantic University. October 15, 2019. Retrieved 16 May 2023.
  32. ↑ "REACH Supporters". The Kennedy Center . Retrieved April 12, 2023.
  33. ↑ "Kennedy Center to sponsor NWSL Spirit jersey". Sports Business Journal . April 29, 2022. Retrieved April 12, 2023.
  34. ↑ "Y. Michele Kang". American Red Cross . Retrieved April 12, 2023.
  35. ↑ Hofheinz, Darrell (June 17, 2022). "UPDATE: $15M sale in Kirkland House is third-priciest beachfront condo sold in Palm Beach". Palm Beach Daily News . Retrieved April 12, 2023.
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