Lyon‘s relegation to Ligue 2 has been overturned by the French soccer federation on Wednesday after an enchantment by the membership, jeopardising Crystal Palace‘s hopes of enjoying within the Europa League subsequent season.
The DNCG, a French soccer authority, sanctioned Lyon on June 24 and relegated them resulting from monetary points. Lyon lodged an enchantment and on Wednesday they offered to a committee with a brand new plan to persuade them to overturn the unique resolution.
The primary challenge was a debt of €541 million ($634m) owed by the membership and a massively inflated wage invoice with out a lot money circulate. To acquire their place again in Ligue 1, Lyon want a money injection of €100m and to carry one other €100m to function a assure for the following two years.
“Olympique Lyonnais welcomes as we speak’s resolution by the DNCG to maintain the membership in Ligue 1,” Lyon mentioned in a press release. “[Lyon] thanks the appeals committee for recognizing the ambition of the membership’s new administration, (which is) decided to make sure severe administration sooner or later.”
John Textor, Lyon’s proprietor through his holding firm the Eagle Soccer Group and the membership’s president, was pressured to step down from the board and his function of president by his associates. Michele Kang, a shareholder in Eagle Soccer Group and profitable businesswoman, is now in charge.
“The brand new administration, supported by the dedication and dedication of our shareholders and lenders, is extraordinarily grateful for all of the assist obtained each inside and outdoors the membership,” Lyon added. “At present’s resolution is step one in restoring confidence in Olympique Lyonnais. We will now focus our consideration on our sporting goals, absolutely making ready for subsequent season.”
Textor additionally owns a stake in Palace, through Eagle Soccer Group. He’s within the technique of a sale to New York Jets owner Woody Johnson for £190m ($254m) however that deal is but to be confirmed
In keeping with UEFA rules, if a celebration has greater than a 30% stake within the two completely different golf equipment, they can not take part in the identical European competitors.
UEFA had beforehand mentioned that Lyon wouldn’t be allowed to play in Europe ought to they’ve been relegated.
Palace should persuade UEFA that they’ve adequate diverged from Lyon to participate within the Europa League. A supply instructed ESPN {that a} resolution is predicted throughout the subsequent few days.
Info from Reuters, The Related Press and ESPN’s Dale Johnson contributed to this report.