Lyon Gets the Boot: Money Troubles Force Ligue 1 Heavyweight to Drop a League
Former titleholder needs compulsory removal
The French League is in for a shakeup! Olympique Lyon, a former champion, faces a million-euro debt and is getting the boot from Ligue 1. What's going down?
Lyon, once a titan in French football, has been axed from the top-tier Ligue 1 due to some serious financial woes, totaling around 500 million euros. That's some heavy debt to bear, and Lyon's not exactly rolling over and playing dead about it.
According to reports, Lyon is owned by American businessman John Textor, who's got a holding company, Eagle Football, that has stakes in various professional clubs. But just a day before Lyon's setback, Crystal Palace of the English Premier League announced that Robert Wood Johnson bought Eagle Football's stake in Palace.
The French Football Financial Control Board (DNCG) initially put Lyon on probation for demotion last November, when the debt was already at a staggering 500 million euros.
Saying Goodbye to Football Legends
Textor had expressed confidence ahead of the hearing, trying to balance Lyon's financial books for seven whole months. "Everything is financially solid," he declared. An agreement with creditors was reached only in January, after a financial injection of 83 million euros.
Lyon said goodbye to some football legends like club legend Alexandre Lacazette and Rayan Cherki, who made a 40 million euro transfer to Manchester City. Unfortunately, Textor couldn't convince the controllers during the hearing. Lyon has already announced it's going to appeal the decision, claiming it's incomprehensible "how an administrative decision can demote such a big French club."
If Lyon's demotion is confirmed, Stade Reims would benefit. Reims lost to FC Metz in the playoff. This is the second time in two years that a French footballing institution has been forced to demote. Last year, Girondins Bordeaux, champions in 2009, were demoted from the second to the third tier.
Source: ntv.de, ara/dpa/sid
- Olympique Lyon
- Football
- The European-leagues may see a shift in power as Olympique Lyon, due to financial struggles totaling 500 million euros, is set to be demoted from Ligue 1, potentially impacting their employment policy within the football community.
- It's interesting to note that the American businessman John Textor, who owns Lyon and has stakes in various clubs through his holding company, Eagle Football, recently saw one of his clubs, Crystal Palace of the English Premier League, change its ownership, with Robert Wood Johnson purchasing Eagle Football's stake.
- As Lyon battles with finance-related issues, community policies for both the club and its players may need to be revised to accommodate the implications of being replaced by another team in Ligue 1, such as Stade Reims, who lost to FC Metz in the playoff.
