UPDATE 1-Soccer-Olympique Lyonnais demoted to Ligue 2

Olympique Lyonnais have been relegated to Ligue 2, French football's financial watchdog (DNCG) said on Tuesday following an audit of the club.

Lyon were provisionally demoted by the DNCG in November for financial mismanagement and the decision was confirmed on Tuesday. Lyon, who were crowned French Champions seven times between 2002 and 2008, qualified for next season's Europa League following a sixth-placed finish in Ligue 1.

Lyon are owned by John Textor and the decision to relegate them comes a day after the U.S. businessman sold a 43% stake in English club Crystal Palace. Lyon were not immediately available for comment. According to media reports, the club will be able to appeal the decision.

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