Michele Kang Explained

Michele Kang
Image Caption:Kang at a Washington Spirit game in 2022
Birth Place:South Korea
Occupation:CEO and Founder of Cognosante
Known For:Majority owner Washington Spirit
Majority owner OL Lyon Féminin (pending approval)
OL Groupe board director
Eagle Football Holdings director

Yongmee Michele Kang[1] [2] (born June 1959)[2] is a Korean-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.

Early life

Kang was born in South Korea and immigrated to the United States on her own as a student.[4] 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.[4] [5]

Business career

Ernst & Young, Northrop Grumman

Kang was a partner with Ernst & Young specializing in the high-tech and telecommunications industries. She joined Northrop Grumman in 2000 as vice president of their e-Business unit. She later worked as vice president and deputy general manager of the Global Information Technology Division. In 2003, she became vice president of their Health & Science Solutions unit.[6]

Cognosante

In 2008, Kang founded Cognosante "to disrupt and challenge the status quo in the U.S. healthcare system".[7] 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."[8] 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."[9]

On April 15, 2024, Cognosante announced that it signed an agreement to be acquired by Accenture Federal Services.

Sports ownership

Washington Spirit

See main article: Washington Spirit.

On December 29, 2020, Washington Spirit announced that Kang had joined the club's ownership group.[10] 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.[11] [12]

After a protracted negotiation process,[13] [14] Baldwin and minority owner Bill Lynch agreed to sell the club to Kang.[12] Following league approvals, Kang officially became majority owner on March 30, 2022.[15] [16] Kang became the first woman of color to be the majority owner of an NWSL club.[11]

During the negotiations, the Spirit won the 2021 NWSL championship on November 20, 2021, defeating the Chicago Red Stars 2–1.[17]

On May 24, 2023, Kang's acquisition of the Spirit was named the Sports Business Journal 2023 deal of the year.[18]

Olympique Lyonnais

See main article: Olympique Lyonnais Féminin. 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.[19] Kang attended the match and raised the trophy with Lyon.[20]

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.[21] [22] [23] [24] [25]

London City Lionesses

See main article: London City Lionesses.

On December 15, 2023, London City Lionesses announced that Kang had acquired the club.[26]

Baltimore Orioles

See main article: Baltimore Orioles. Kang is part of the ownership group that bought the Baltimore Orioles in January 2024.[27] [28]

Honors and awards

Personal life

Also a philanthropist, Kang created the Cognosante Foundation and is an active supporter of The Kennedy Center,[33] which also was a front-of-jersey sponsor of the Washington Spirit in 2022.[34] She has served on the boards of the American Red Cross, Washington National Opera, Northern Virginia Technology Council, and Palm Beach Symphony.[35] She has served as Co-chair of the American Enterprise Institute National Council.

In 2019, she was awarded the American Free Enterprise Medal by Palm Beach Atlantic University.[36]

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] [37]

Kang is an investor in Just Women's Sports, an American media company dedicated to women's sports.[38]

Kang announced a donation to the USA Women's Rugby Sevens team of $4 million over 4 years on July 30th, 2024.[39] [40]

Notes and References

  1. News: Venture capital firm founder buys Palm Beach condo for $6M . September 17, 2020 . April 12, 2023 . The Real Deal . Jordan . Pandy.
  2. Web site: AP 01 Appointment Of A Director . April 12, 2023 . Companies House.
  3. News: Co-owners of NWSL's Spirit fight for control after abuse allegations against coach . April 30, 2021 . April 12, 2023 . . Molly . Hensley-Clancy . Steven . Goff.
  4. Michele Kang’s idea to change Greater Washington’s workforce for the better . November 1, 2022 . April 12, 2023 . Washington Business Journal.
  5. Coming Home: Scenes from Reunion Weekend . February 6, 2020 . April 12, 2023 . Yale School of Management.
  6. Web site: Northrop Grumman Names Michele Kang Vice President, Health & Science Solutions . Northup Grumman . 16 May 2023.
  7. Web site: Board of Directors . Northern Virginia Technology Council . 16 May 2023.
  8. Web site: About Cognosante . Cognosante . 16 May 2023.
  9. Web site: Chief Officer Award Finalist Michele Kang: 'Dream Big, Expect Obstacles And Succeed Anyway' . Washington Exec . 16 May 2023 . May 14, 2021.
  10. News: Y. Michele Kang joins Washington Spirit ownership group . December 29, 2020 . April 12, 2023 . Black and Red United . Jason . Anderson.
  11. News: Sale of NWSL's Spirit closes, making history for owner Michele Kang . March 30, 2022 . April 12, 2023 . . Molly . Hensley-Clancy.
  12. News: Washington Spirit ownership: Steve Baldwin, Bill Lynch agree to sell team to Michele Kang . February 8, 2022 . April 12, 2023 . . Pablo . Maurer . Meg . Linehan . Steph . Yang.
  13. Web site: Murray . Caitlin . NWSL's Washington Spirit power struggle ends as Y. Michele Kang takes over . 8 February 2022 . ESPN . 16 May 2023.
  14. Web site: After months of friction, Michele Kang becomes controlling owner of Washington Spirit . NPR . 16 May 2023.
  15. News: Michele Kang officially majority owner of Spirit . March 30, 2022 . April 12, 2023 . . Pablo . Maurer.
  16. News: Spirit's Michele Kang becomes first woman of color to own NWSL team . The Washington Post . March 30, 2022 . June 11, 2022.
  17. News: Washington Spirit wins NWSL Championship over Chicago Red Stars in extra-time thriller . November 20, 2021 . April 12, 2023 . . Associated Press.
  18. News: 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 . May 25, 2023 . EssentiallySports . Abishek . Mishra.
  19. News: Coupe de France féminine. Lyon prend le dessus sur le PSG et remporte sa 10e Coupe de France . . Victor . Boutonnat . May 13, 2023 . May 16, 2023.
  20. News: Spirit owner Michele Kang attends Lyon women's match, hoists trophy with team amid takeover reports . May 13, 2023 . The Athletic.
  21. OL Groupe and Michele Kang Form Global Multi-Team Women's Football Group . May 16, 2023 . May 16, 2023 . Washington Spirit.
  22. News: Spirit's Michele Kang adds Lyonnais Feminin to Women's Soccer Venture . May 16, 2023 . May 16, 2023 . . Emily . Caron.
  23. News: Spirit owner Michele Kang buys Lyon to build first international women's soccer empire . May 16, 2023 . May 16, 2023 . . AJ . Hess.
  24. News: 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” . May 16, 2023 . May 16, 2023 . . Hugo . Guillement . fr.
  25. News: Brockway . Ella . Spirit owner Michele Kang to take over Lyon, creating network of women's clubs . 16 May 2023 . The Washington Post . May 16, 2023.
  26. News: Washington Spirit owner Kang buys London City Lionesses . November 20, 2021 . December 15, 2023 . . ESPN News Services.
  27. Web site: Cahill . Calder . 2024-07-30 . USA Rugby announces transformative gift from Kynisca's Michele Kang . 2024-08-01 . usa.rugby . en.
  28. News: Andrejev . Alex . Michele Kang to donate $4 million to U.S. women's rugby . 2024-08-01 . The New York Times . en-US . 0362-4331.
  29. Web site: 2023 Horatio Alger Award Recipient . Horatio Alger Association . 16 May 2023.
  30. Web site: EARN ABOUT THE 2022 LAUREATES: MICHELE KANG, THE WASHINGTON SPIRIT AND COGNOSANTE . 7 November 2022 . Junior Achievement of Greater Washington . 16 May 2023.
  31. Web site: EY Entrepreneur Of The Year Award winners announced . Virginia Business . 16 May 2023 . June 19, 2015.
  32. Web site: 100 Women Leaders in STEM . STEMConnector . 16 May 2023.
  33. Web site: REACH Supporters . April 12, 2023 . The Kennedy Center.
  34. News: Kennedy Center to sponsor NWSL Spirit jersey . April 29, 2022 . April 12, 2023 . Sports Business Journal.
  35. Web site: Y. Michele Kang . April 12, 2023 . American Red Cross.
  36. Web site: University to Honor Health IT Entrepreneur on American Free Enterprise Day . Palm Beach Atlantic University . 16 May 2023 . October 15, 2019.
  37. News: UPDATE: $15M sale in Kirkland House is third-priciest beachfront condo sold in Palm Beach . June 17, 2022 . April 12, 2023 . . Darrell . Hofheinz.
  38. News: 2022-06-09 . Billionaire Joe Tsai, Billie Jean King Back Just Women's Sports . en . Bloomberg.com . 2023-10-13.
  39. News: Andrejev . Alex . Michele Kang to donate $4 million to U.S. women's rugby . 2024-08-01 . The New York Times . en-US . 0362-4331.
  40. Web site: Cahill . Calder . 2024-07-30 . USA Rugby announces transformative gift from Kynisca's Michele Kang . 2024-08-01 . usa.rugby . en.