New Delhi: Due to financial problems, seven-time French champion Lyon face relegation to the second division at the end of the current campaign and to make matters worse, they have also been banned from transfers. After DNCG, the French league’s watchdog, conducted an investigation of Lyon’s finances, the club was temporarily demoted to Ligue 2.
The DNCG reached the decision that no additions could be made during the January transfer window and that Lyon’s financial status needed to improve before the end of the season. The players’ pay will also be supervised by the DNCG. American businessman John Textor owns Lyon and also owns shares in Crystal Palace of the Premier League and Botafogo of Brazil.
What made Ligue 1 take this bold decision?
🚨 Lyon have been provisionally handed a relegation to Ligue 2 🇫🇷📉
They have also been given a transfer ban, due to their financial situation 😳❌ pic.twitter.com/zdh4uzjidw
— LiveScore (@livescore) November 15, 2024
After putting the club’s case before the DNCG on Friday afternoon, Textor had sounded assured, stating that “the meeting went well” and “I am confident in our figures.” Lyon revealed this month, that they owe 505 million euros ($532.6 million). As a result, the previous Champions League semi-finalists would have to let go of some of its best players in January, including Rayan Cherki, a 21-year-old midfielder. High earners might also have to depart, including club mainstays Corentin Tolisso and Alexandre Lacazette.
Textor retaliated against the DNCG for its decision to keep an eye on the club’s transfer activity the previous season after the DNCG’s July ruling last year found that Lyon had failed to give adequate financial assurances. Lyon’s predicament is similar to that of Bordeaux, another legendary club.
The French soccer team, which has won six titles, is currently struggling in the fourth division. With 118 million euros ($128 million) in debt, Bordeaux has shut down its women’s division, youth school, and the majority of its administrative offices. It has renounced its status as a professional sports club and declared bankruptcy.
It is a sad day for the Lyon fans, as their club will be facing provisional relegation at the end of the season, for not rectifying the financial irregularities. Football Sports News: Latest Cricket News, Cricket Live Score, Sports Breaking News from Sports Today
