France football giants Lyon
France football giants Lyon have been reinstated to Ligue 1 with a limitation on their transfer compensation and payroll after a successful appeal against their relegation to Ligue 2.
The historic French side was stunned after being relegated due to a poor financial situation, having had mounting debts of more than €175 million.
The DNCG, the financial watchdog for French football, overturned the decision at the first instance and will now be allowed to compete in the Europa League next season in a decision that could affect Crystal Palace’s position in the competition.
A statement on the club’s website read: “Olympique Lyonnais welcomes today’s decision by the DNCG to keep the Club in Ligue 1. OL thanks the Appeals Committee for recognizing the ambition of the Club’s new management, determined to ensure serious management in the future.
“The new management, supported by the commitment and dedication of our shareholders and lenders, is extremely grateful for all the support received both inside and outside the Club, including from its supporters, employees, players, partners, and elected officials.
“Today’s decision is the first step in restoring confidence in Olympique Lyonnais. We can now focus our attention on our sporting objectives, fully preparing for next season.”
PM/EB
Meanwhile, watch as historian Annam details how Swedru All Blacks started as a military club
