Lyon will remain in Ligue 1 next season after the French football federation (DNCG) overturned the club’s relegation due to financial concerns, IsaGoal can report,
Originally demoted on June 24, Lyon successfully appealed the decision on Wednesday by presenting a revised financial recovery plan to the DNCG committee.
The club had faced serious scrutiny over €541 million in debt and an oversized wage bill with insufficient cash flow.
To satisfy financial fair play conditions and regain their top-flight status, Lyon pledged a €100 million cash injection along with a €100 million guarantee for the next two seasons.
As part of the restructuring, club owner John Textor, who operates through Eagle Football Group, was forced to resign as president by fellow stakeholders.
Michele Kang, a business mogul and key shareholder in Eagle Football Group, has now assumed leadership of the club’s board.
Textor also holds a stake in Crystal Palace via Eagle Football Group, but that may soon change, as he’s in talks to sell his Palace shares to New York Jets owner Woody Johnson for £190 million.
UEFA had previously ruled that a relegated Lyon would be ineligible for European competitions—potentially opening the door for Crystal Palace to enter the Europa League.
However, with Lyon reinstated in Ligue 1, Palace’s hopes of European football next season could now be dashed.
UEFA is yet to confirm how Lyon’s reinstatement will affect the final allocation of European competition slots for the 2024/25 campaign.