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Seven-time French champions Lyon has retained its spot in Ligue 1 after winning an appeal against relegation, according to a statement from the French Football Federation (FFF) on Wednesday.
Recently, Lyon faced relegation to Ligue 2 after a decision by France’s financial regulatory body, which had imposed budgetary constraints on the club back in November.
Michele Kang, an American businesswoman, succeeded John Textor as the club’s president.
The FFF announced that Lyon is required to reduce both their payroll and transfer budget for the upcoming season.
“Lyon would like to thank the appeal commission after it recognised the ambition of the new club management,” the club said in a statement.
A fortnight prior, Textor mentioned he would be stepping back from the club’s daily operations. Kang, who is the second-largest shareholder behind Textor, was already serving as the president of the Lyon women’s team.
Lyon ended the previous Ligue 1 season in sixth place, qualifying for the Europa League, which they will be able to participate in after their successful appeal, despite already agreeing to pay a penalty to UEFA.
Textor became Lyon’s majority owner in December 2022, succeeding the long-time leader, Jean-Michel Aulas, who had guided the club to remarkable achievements.
From 2002 to 2008, Lyon captured seven consecutive French titles under Aulas’ leadership.
At 59, Textor also has ownership interests in Brazilian club Botafogo and Belgian team Molenbeek. In mid-June, he divested his 43 per cent stake in Premier League team Crystal Palace as he worked to stabilise finances at Lyon.
The club has cut its payroll by releasing forward Alexandre Lacazette and goalkeeper Anthony Lopes. Additionally, they transferred Rayan Cherki to Manchester City and Maxence Caqueret to Como.
Textor reported that his Eagle Group has invested € 83 million ($97 million) in the club.
Lyon commenced their pre-season training on Monday, and their opening match of the Ligue 1 season is scheduled as an away game against Lens on the weekend of August 15-17.
