French football giants Lyon have been officially relegated to Ligue 2 due to ongoing financial issues, the club confirmed.
The decision follows a provisional demotion by the DNCG—the French football financial watchdog—back in November. On Tuesday, Lyon officials, including majority owner John Textor, met with the DNCG but failed to convince the body that the club’s finances had improved enough to overturn the ruling.
Textor’s Eagle Football Group, which holds a 77% stake in Lyon, had reported debts of £422 million as of last October.
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Lyon called the DNCG’s decision “incomprehensible” in an official statement and confirmed their intention to appeal the ruling.
The relegation could also impact Crystal Palace’s European prospects, as both clubs fall under Textor’s ownership. UEFA regulations restrict multiple clubs with shared ownership from competing in the same European tournament. However, Textor reportedly agreed to sell his 43% stake in Palace earlier this week in a move that could ease the conflict.
