Kang (far right) at President Joe Biden's signing of an executive order on advancing women's health research and innovation, March 18, 2024, in the East Room of the White House

Yongmee Michele Kang (born 1 June 1959[1]) is an American businesswoman, philanthropist, investor, and owner of multiple professional sports teams.[2][3] She is the founder and former CEO of Kynisca Sports International, an umbrella company for her multi-club ownership,[4] and founded and was CEO of Cognosante, a medical technology company,[5] and Cognosante Ventures, a venture capital firm.[6] Since 2006, she is on the board of directors at Rexahn Pharmaceuticals.

Under the umbrella company Kynisca, Kang is the majority owner of Washington Spirit, which competes in the United States National Women's Soccer League; of Olympique Lyonnais Féminin, which competes in the French Première Ligue;[7][8] and of the London City Lionesses, which competes in the English Women's Championship.[9]

Early life

Kang was born and raised in Seoul, South Korea,[10] the youngest of three sisters. Her mother was a lawyer and politician, Lee Yoon-ja, who was elected member of the parliament in the 11th and 13th National Assembly of South Korea.[11][12] Her father was educated in US through the US-sponsored scholarship during the rebuilding of South Korea after World War II, and was one of the first four[13] selected by the United Nations Korean Reconstruction Agency[14] for the financial support.[15] She immigrated to the United States on her own as a student.[16] 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.[16][17]

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.

— Michele Kang[18]

Business career

Ernst & Young, Northrop Grumman

Kang was a partner with Ernst & Young specializing in the high-tech and telecommunications industries.[19] 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.[19]

Cognosante

In 2008, Kang founded Cognosante "to disrupt and challenge the status quo in the U.S. healthcare system".[20] 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."[21] 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."[22]

On April 15, 2024, Cognosante announced that it signed an agreement to be acquired by Accenture Federal Services for undisclosed financial terms. The transaction was completed in May 2024.[23]

Kynisca Sports International

On July 27, 2024, Kang announced the launch of Kynisca Sports International, Ltd., a London-based company that would serve as the umbrella group for her multi-team sports ownership and sports science efforts. The company was named after Cynisca of Sparta, the first woman to win an event in the ancient Olympic Games. The announcement claimed that the organization was the first international group dedicated to women's association football.[24] Kang also announced the launch of $50 million in seed and matching funding for the Kynisca Innovation Hub, a non-profit research initiative specialized in female sports training.[4]

In October 2024, Kang's Kynisca hired former FC Barcelona Femení sporting director and Royal Spanish Football Federation women's football head Markel Zubizarreta to be Kynisca's global sporting director, overseeing all of its component clubs.[25][26]

On October 31, 2024, Kynisca led a $2 million seed funding round for IDA Sports, a company producing cleats and turf shoes for female athletes.[27]

Rexahn Pharmaceuticals

Following the resignation of two directors, Kang along with Charles Beever and Kwang Soo Cheong were elected to the board of directors at Rexahn Pharmaceuticals, headquartered at Rockville, Maryland.[28][29] Since her joining, the company has developed several drug candidates and drug delivery systems for cancer treatment which are under clinical trials.[30][31]

Sports ownership

Washington Spirit

Main article: Washington Spirit

On December 29, 2020, Washington Spirit announced that Kang had joined the club's ownership group.[32] 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.[5] 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.[33][34]

After a protracted negotiation process,[35][36] Baldwin and minority owner Bill Lynch agreed to sell the club to Kang.[34] Following league approvals, Kang officially became majority owner on March 30, 2022.[37][38] Kang became the first woman of color to be the majority owner of an NWSL club.[33]

During the negotiations, the Spirit won the 2021 NWSL championship on November 20, 2021, defeating the Chicago Red Stars 2–1.[39]

On May 24, 2023, Kang's acquisition of the Spirit was named the Sports Business Journal 2023 deal of the year.[40]

Olympique Lyonnais

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.[3] 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.[41] Kang attended the match and raised the trophy with Lyon.[42]

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.[43][44][45][46][7] The transaction was approved by regulators in February 2024.[8]

London City Lionesses

Main article: London City Lionesses

On December 15, 2023, London City Lionesses announced that Kang had acquired the independent women's football club.[9][47] Following the purchase, the Lionesses hired Jocelyn Prêcheur as its coach, moved the club to Hayes Lane in Bromley, and announced plans for a dedicated training center in Aylesford of Kent.[9][26] The club's opening match of the 2024–25 Women's Championship, a 1–1 draw against Newcastle United W.F.C., drew a club-record 1,781 attendance.[48]

Other investments

In June 2022, Kang was announced as an investor in Just Women's Sports, an American media company dedicated to women's sports.[49]

Kang is part of the ownership group that bought the Baltimore Orioles in January 2024.[50][51]

On July 30, 2024, Kang announced a donation to the USA Women's Rugby Sevens team of $4 million over four years.[52][53]

Charity

Michele Kang speaking at a women’s health event in 2024, in Paris, France. With her is the then First Lady Jill Biden.

On November 19, 2024, Kang announced a $30 million donation over five years to the United States Soccer Federation to be used specifically on funding training and talent identification camps for the federation's junior national teams, and developmental programs for female coaches and referees.[54] The donation was the largest ever made to the federation's women's programs.[55]

Kang was listed at number 28 among The Chronicle of Philanthropy's "Philanthropy 50" of 2024 for her donations totalling $84 millions.[56][57]

Honors and awards

  • 2012, Kang was awarded among 100 Women Leaders in STEM[58]
  • 2015, she received the EY Entrepreneur of The Year[59]
  • 2016, she was among the Top 100 CEO Leaders in STEM
  • 2018-2021, she was elected to the board of governors of the American Red Cross[60]
  • 2019, she received the American Free Enterprise Medal by Palm Beach Atlantic University[61]
  • 2022, she was awarded the Washington Business's lifetime achievement award and inducted to the Washington Business Hall of Fame[62][63]
  • 2023, she received the Horatio Alger Award[13]
  • 2023, her business was named the Sports Business Journal Deal of the Year[40]

Personal life

Also a philanthropist, Kang created the Cognosante Foundation and is an active supporter of The Kennedy Center,[61][64] which also was a front-of-jersey sponsor of the Washington Spirit in 2022.[65] She has served on the boards of the American Red Cross, Washington National Opera, Northern Virginia Technology Council, and Palm Beach Symphony.[66] She has served as co-chair of the American Enterprise Institute National Council.[20]

Kang's $15 million sale of her condominium in Palm Beach, Florida was the third largest in Palm Beach history for an oceanfront apartment.[6][67]

References

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  3. ^ a b "AP 01 Appointment Of A Director". Companies House. Retrieved April 12, 2023.
  4. ^ a b Tan, Gillian (July 27, 2024). "Kang Pledges $50 Million So Female Athletes Aren't Trained as 'Small Men'". Bloomberg. Retrieved November 19, 2024.
  5. ^ a b 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.
  6. ^ a b Pandy, Jordan (September 17, 2020). "Venture capital firm founder buys Palm Beach condo for $6M". The Real Deal. Retrieved April 12, 2023.
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  8. ^ a b Harpur, Charlotte (February 9, 2024). "Lyon women's team bought by Washington Spirit owner Michele Kang". The Athletic. The New York Times. Retrieved November 19, 2024.
  9. ^ a b c Garry, Tom (August 18, 2024). "London City Lionesses' owner Michele Kang: 'This is a serious investment'". The Guardian. Retrieved November 19, 2024.
  10. ^ Huang, Eva (2023-07-03). "Michele Kang Believes in the Importance of Women Soccer". Letterly Journal. Retrieved 2025-03-10.
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  21. ^ "About Cognosante". Cognosante. Retrieved 16 May 2023.
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  23. ^ Wakeman, Nick (2024-05-20). "Accenture Federal closes Cognosante deal". Washington Technology. Retrieved 2024-11-19.
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  27. ^ Silverman, Alex (October 31, 2024). "Michele Kang's Kynisca invests in women's footwear brand". Sports Business Journal. Retrieved November 19, 2024.
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  29. ^ "Recent developments reported by Rexahn Pharmaceuticals". Science Letter. 19 June 2007. Retrieved 2025-03-08 – via Gale.
  30. ^ Staff, G. E. N. (2009-12-14). "Rexahn to Use TheraTarget Nanodelivery Technology with Its Anticancer Agents". GEN - Genetic Engineering and Biotechnology News. Retrieved 2025-03-08.
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  41. ^ 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.
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  44. ^ Caron, Emily (May 16, 2023). "Spirit's Michele Kang adds Lyonnais Feminin to Women's Soccer Venture". Sportico. Retrieved May 16, 2023.
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  47. ^ "Washington Spirit owner Kang buys London City Lionesses". ESPN. ESPN News Services. November 20, 2021. Retrieved December 15, 2023.
  48. ^ Garry, Tom (September 8, 2024). "London City Lionesses and Newcastle embark on 'beautiful' journey". The Guardian. Retrieved November 19, 2024.
  49. ^ Tan, Gillian (June 9, 2022). "Billionaire Joe Tsai, Billie Jean King Back Just Women's Sports". Bloomberg News. Retrieved November 19, 2024.
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  58. ^ "100 Women Leaders in STEM" (PDF). STEMConnector. Retrieved 16 May 2023.
  59. ^ "EY Entrepreneur Of The Year Award winners announced". Virginia Business. June 19, 2015. Retrieved 16 May 2023.
  60. ^ "American Red Cross Elects Y. Michele Kang as New Member to National Board of Governors". www.prnewswire.com. 2018-07-20. Retrieved 2025-03-08.
  61. ^ a b "University to Honor Health IT Entrepreneur on American Free Enterprise Day". Palm Beach Atlantic University. October 15, 2019. Retrieved 16 May 2023.
  62. ^ "EARN ABOUT THE 2022 LAUREATES: MICHELE KANG, THE WASHINGTON SPIRIT AND COGNOSANTE". Junior Achievement of Greater Washington. 7 November 2022. Retrieved 16 May 2023.
  63. ^ "Michele Kang's idea to change Greater Washington's workforce for the better". Washington Business Journals. 2022-11-01. Retrieved 2025-03-10.
  64. ^ "REACH Supporters". The Kennedy Center. Retrieved April 12, 2023.
  65. ^ "Kennedy Center to sponsor NWSL Spirit jersey". Sports Business Journal. April 29, 2022. Retrieved April 12, 2023.
  66. ^ "Y. Michele Kang". American Red Cross. Retrieved April 12, 2023.
  67. ^ 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.
Allikas: http://en.wikipedia.org/wiki/Michele_Kang
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