French club Olympique Lyonnais (Lyon) have been officially relegated to Ligue 2 after failing to meet financial requirements set by the French football watchdog, the DNCG.
The decision was confirmed in a statement by the LFP following a final meeting between Lyon and the DNCG. The club had been under threat of relegation due to their poor financial state and were given a warning last time that failure to show improvement would lead to demotion.
Despite efforts by Lyon’s owners, Eagle Football Group, to stabilise the finances, including selling John Textor’s stake in Crystal Palace and offloading the women’s team but these measures were not enough to satisfy the DNCG.
Lyon’s owner, John Textor, had earlier spoken positively after the meeting, saying:
“You can see from the contributions of our shareholders, we have invested new capital, not only for the DNCG but also for our UEFA licensing process. Our liquidity situation has improved considerably.”
However, the DNCG were not convinced and confirmed that the club will now play in the second division next season.
This is a major blow for one of France’s most historic football clubs, who have won seven Ligue 1 titles and consistently played in Europe in the past.
