Lyon's Unexpected Relegation: Financial Struggles Drown French Giants

Lyon, heralded as a seven-time French champion, was relegated to the second tier due to ongoing financial irregularities, according to the French league's watchdog, DNCG. With a debt of 175 million euros, Lyon describes this relegation as an 'incomprehensible decision' and is set to appeal.

A key development in Lyon's financial restructuring involved the sale of Crystal Palace shares by American owner John Textor to Woody Johnson, the owner of the New York Jets. With a price tag between $220 million and $260 million, this sale signifies a pivotal shift in Lyon's quest for financial stability.

Lyon argues its commitment to financial improvements, having worked closely with DNCG and exceeding investment requirements. The club stresses that despite administrative setbacks and looming financial pressure, its cash resources and sporting successes have positioned it for continued top-tier play.

(With inputs from agencies.)