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Lyon, who won the French title for seven successive seasons from 2001-02 to 2007-08, have been handed a provisional relegation to Ligue 2, the second division of French football, and will observe a transfer ban following an audit of their finances.
The Direction Nationale du Controle de Gestion (DNCG, the body responsible for overseeing the finances of French football clubs) has informed the club that they must satisfactorily improve their financial situation before the end of the season or be forcibly demoted from Ligue 1.
Lyon recently announced debts of £422 million and have now been banned from signing players, according to L’Equipe and Get French Football News.
Crystal Palace co-owner John Textor majority owns Lyon through Eagle Football Holdings. He insisted a meeting with France’s National Directorate of Control and Management ‘went well’, but the watchdog seems to have disagreed.
French journalist Romain Molina has also claimed that ‘all Lyon players are on sale’ in a bid to reduce the club’s debts. They have reportedly also lost control of their payroll.
It would mark another hammer blow for the game in France after Bordeaux were demoted to the fourth tier due to bankruptcy this summer.
Many former Premier League stars call Lyon home. Their squad boasts Wilfried Zaha, Alexandre Lacazette, Nemanja Matic, Said Benrahma, Ainsley Maitland-Niles, and Jordan Veretout.
Lyon currently sit fifth in Ligue 1, managed by relative newcomer Pierre Sage. They also play in the Europa League this season.
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