Lyon football club beat the drop after winning a crucial appeal against relegation. French football bosses had kicked the seven-time champions down to the second division because of money troubles. American businesswoman Michele Kang stepped in as the new club president to replace John Textor. The team must slash their player wages and transfer spending for the upcoming season. Club officials thanked the appeal commission for recognizing their fresh management approach.
Financial watchdogs had placed Lyon under strict budget controls back in November. The punishment came after the club struggled to balance their books properly. Kang already ran the women's team before taking charge of the entire organization. Former owner Jean-Michel Aulas praised her courage in providing the guarantees needed to save the club. The legendary boss warned that the hardest part still lies ahead during the rebuilding process.
Lyon finished sixth in the league last season and earned a spot in the Europa League competition. The successful appeal means they can play in Europe despite agreeing to pay UEFA a fine. Textor has stepped back from daily operations while keeping his stake in the club. The American businessman also sold his shares in Crystal Palace to help Lyon's financial situation. Lyon sold several key players including Alexandre Lacazette and bought new talent to cut costs.
Financial watchdogs had placed Lyon under strict budget controls back in November. The punishment came after the club struggled to balance their books properly. Kang already ran the women's team before taking charge of the entire organization. Former owner Jean-Michel Aulas praised her courage in providing the guarantees needed to save the club. The legendary boss warned that the hardest part still lies ahead during the rebuilding process.
Lyon finished sixth in the league last season and earned a spot in the Europa League competition. The successful appeal means they can play in Europe despite agreeing to pay UEFA a fine. Textor has stepped back from daily operations while keeping his stake in the club. The American businessman also sold his shares in Crystal Palace to help Lyon's financial situation. Lyon sold several key players including Alexandre Lacazette and bought new talent to cut costs.
