LyonThe charge of Ligue 2 has been overturned by the French Football Federation on Wednesday after an appeal by the club. crystal PalaceThe next season is expected to play in the Europea League.
DNCG, a French Football Authority, approved Lyon on 24 June and re -accused him due to financial issues. Leone filed an appeal and on Wednesday presented a committee with a new scheme, which was a new plan to convince him to reverse the original decision.
The main issue was a loan of € 541 million ($ 634m) outstanding by the club and a large -scale inflated wage bill without much cash flow. To get back its place in Ligue 1, Leone requires € 100 m cash injection and to serve another € 100 m to serve as a guarantee for the next two years.
“Olympic Lyonis has welcomed today’s decision by DNCG to place the club in Ligue 1,” Leon said in a statement. ,[Lyon] Thanks to the appeal committee for recognizing the ambition of the new management of the club, (which has been determined to ensure serious management in the future). ,
John Texter, the owner of Leon, through his holding company Eagle Football Group and the President of the club, was forced to withdraw from the board and his colleagues to the role of the President. Mitchell Kang, a shareholder and successful businessman in Eagle Football Group, Now in charge,
Lyon said, “The new management supported by the commitment and dedication of our shareholders and lenders is extremely grateful for all support obtained inside and outside the club.” “Today’s decision is the first step to restore confidence in Olympic Leonis. Now we can focus our attention on our game objectives, prepare the next season completely.”
The Eagle also owns a stake in Texter Palace through the football group. He is in process Woody Johnson, owner of New York Jets, a sale For £ 190m ($ 254m) but that deal is yet to be confirmed
According to UEFA rules, if a party has more than 30% stake in two separate clubs, they cannot participate in the same European competition.
The UEFA earlier stated that Lyon would not be allowed to play in Europe, they should have been re -accused.
The Palace should explain to the UEFA that they have sufficient deviation from lion to participate in the Europea League. A source told ESPN that a decision was expected within the next few days.
Information from Reuters, Associated Press and Dell Johnson of ESPN contributed to the report.
