OL handed switch ban as Textor scrambles to seek out money to inject into membership

November 18 – In a transfer that despatched shockwaves via French soccer, Olympique Lyonnais, one of many nation’s most prestigious golf equipment and home title winners seven instances, have been banned from making any signings within the January switch window and might be relegated from Ligue 1 on the finish of the season if they’re unable to deal with a monetary disaster.

At the moment fifth in France’s prime flight, the membership, majority owned by controversial American investor John Textor, acquired the punishment from the Nationwide Directorate of Administration Management (DNCG), the monetary watchdog of the French league.

Textor, who additionally partly owns Botafogo in Brazil, RVD Molenbeek in Belgium and Crystal Palace in England, is almost all stakeholder of Lyon via Eagle Soccer Group, a holding firm listed in Paris.

Textor got here out preventing on Friday by declaring: “I’m assured in our figures and the excellent news is that the DNCG is unbiased, they’re very clever folks, accountants, financiers who can have a look at the figures.”

“We’re going to generate a number of million {dollars} in money over the subsequent few months, and we’re in it for the lengthy haul.”

In August L’Equipe reported that Lyon had put nearly all of its squad on the switch market to lift €75 million to steadiness its finances and meet monetary gross sales targets.

These claims have been denied by Textor however the membership, who haven’t been exterior of France’s prime tier because the Eighties, are reported to have racked up greater than €500 million in debt.

The ruling handed down means the 2020 Champions League semi-finalists are going to wish round €100 million in income to avoid wasting their standing. To try this they could nicely should promote a few of their prized property, resembling 21-year-old midfielder Rayan Cherki, in January.

Lyon’s state of affairs echoes what occurred to Bordeaux, one other storied French membership. The six-time home champions have nearly disappeared out of sight and are actually languishing within the fourth tier of French soccer.

Bordeaux, hit by €118 million of debt, has closed its youth academy, ladies’s division and most administrative workplaces. It has filed for chapter and renounced its standing as an expert sports activities membership.

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