Lyon stave off relegation after successful appeal / Photo: Rémy GABALDA - AFP/File
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NYSE - LSE
Lyon stave off relegation after successful appeal
Seven-time French champions Lyon have kept their Ligue 1 place after winning their appeal against relegation, the French Football Federation (FFF) said on Wednesday.
Last month, Lyon were relegated to the second-tier Ligue 2 by French football's financial watchdog, who had placed the club under budgetary restrictions in November.
American businesswoman Michele Kang then took over as club president from compatriot John Textor.
The FFF said Lyon would have to cut its wage bill and transfer budget for the upcoming campaign.
"Lyon would like to thank the appeal commission after it recognised the ambition of the new management of the club," the club said in a statement.
"Today's decision constitutes the first step of re-establishing trust in Lyon."
Two weeks ago, Textor said he would take a step back from the day-to-day running of the club.
The second-largest shareholder at the club behind Textor, Kang was already president of the Lyon women's team.
Lyon finished sixth in Ligue 1 last season to qualify for the Europa League and will be allowed to play in that competition after the successful appeal, but thed had already agreed to pay UEFA a fine.
Textor took over as Lyon's majority owner in December 2022 from long-standing boss Jean-Michel Aulas, who had overseen unprecedented success at the French outfit.
Lyon won seven consecutive French titles between 2002 and 2008, under Aulas.
Textor, 59, also holds stakes in Brazilian side Botafoga and Belgian club Molenbeek.
He sold his 43 percent stake in Premier League outfit Crystal Palace in mid-June as he tried to balance the books at Lyon.
Lyon have reduced their salary bill with attacker Alexandre Lacazette and goalkeeper Anthony Lopes released.
They have sold Rayan Cherki to Manchester City and Maxence Caqueret to Como.
Textor said his Eagle group has also put 83 million euros (97 million dollars) into the club.
Only five clubs have won Ligue 1 more often. Paris Saint-Germain hold the record with 13 titles.
Lyon began their pre-season on Monday. Their first game of the Ligue 1 season a trip to Lens on the weekend of August 15-17.
L.Harper--AMWN
