Lyon wins appeal against relegation, will stay in Ligue 1
"Olympique Lyonnais welcomes today's decision by the DNCG to keep the club in Ligue 1," the club said in a statement. "OL thanks the appeals committee for recognizing the ambition of the club's new management, which is determined to ensure serious management in the future."
Last Wednesday, American businesswoman Michele Kang took over as president after John Textor resigned following the club's relegation. Lyon added that Textor has also resigned from the board of directors. He became Lyon president three years ago, taking over from longstanding incumbent Jean-Michel Aulas, who sold to Textor's Eagle Football Holdings.
The second-largest shareholder at the club behind Textor, Kang was already president of the Lyon women's team. The 66-year-old is supported in her role by Michael Gerlinger, the general manager of Textor-owned Eagle Football Holdings.
"The new management, supported by the commitment and dedication of our shareholders and lenders, is extremely grateful for all the support received both within and outside the club," Lyon added. "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."
Wednesday's verdict also ensures Lyon plays in the Europa League next season after qualifying with a sixth-placed finish in Ligue 1 last season.
Textor, 59, also holds stakes in Brazilian side Botafoga and Belgian club Molenbeek. He sold his 43% stake in Premier League outfit Crystal Palace in mid-June as he tried to balance the books at Lyon.
Lyon has reduced its salary bill with attacker Alexandre Lacazette and goalkeeper Anthony Lopes released. The club also sold Rayan Cherki to Manchester City and Maxence Caqueret to Como. Textor said his Eagle group has also put €83 million into the club.
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