In a stunning blow to French football, seven-time Ligue 1 champions Lyon have been relegated to Ligue 2 due to their precarious financial situation. The decision, handed down by the DNGC, the body responsible for overseeing the accounts of French professional football clubs, has left fans and officials reeling. Lyon's owner, John Textor, and other club officials met with the DNGC on Tuesday in a last-ditch effort to convince them that the club had made sufficient progress in addressing their financial woes. However, their pleas fell on deaf ears, and the provisional demotion issued in November was upheld. At the heart of the issue lies Lyon's staggering debt of £422m, announced by Textor's Eagle Football Group last October. Despite efforts to shore up their finances, including the sale of players such as Maxence Caqueret and Rayan Cherki, as well as the release of high-earning stars like Alexandre Lacazette and Anthony Lopes, the club's financial situation remains precarious. The implications of Lyon's relegation extend beyond the club itself. Crystal Palace, another club with ties to Textor, may see their Europa League participation next season thrown into doubt. UEFA rules prohibit multiple teams under the same multi-club ownership structure from competing in the same European competition. Textor has agreed to sell his 43% stake in Palace, but the deal has yet to be finalized. Lyon's rich history and recent success on the pitch make this relegation all the more shocking. The club won seven consecutive Ligue 1 titles between 2002 and 2008, cementing their status as one of France's top clubs. Their demotion to Ligue 2 will likely have far-reaching consequences for French football as a whole. In a statement, Lyon officials expressed their dismay at the decision, calling it "incomprehensible" and vowing to appeal. Should the decision stand, Lyon will be replaced in the top flight by Reims, who were defeated in the relegation play-off by Metz. As the football world grapples with the implications of Lyon's relegation, one thing is clear: the financial health of football clubs is a pressing concern that cannot be ignored. With the stakes higher than ever, the future of French football hangs in the balance.
KEY POINTS
* Lyon relegated to Ligue 2 due to financial woes * Club's debt stands at £422m * Owner John Textor's efforts to address financial issues deemed insufficient * Crystal Palace's Europa League participation next season in doubt * Lyon to appeal decision * Relegation could have far-reaching consequences for French football