John Textor resigns as Lyon president in the wake of French club's demotion to Ligue 2 - with decision on Crystal Palace's European future expected TODAY
The Eagles' historic place in the Europa League had been under threat under UEFA's rules on multi-club ownership thanks to the fact that Eagle Football Holdings - who have a 43 per cent stake in the club - are also the owners of Lyon.
John Textor, who owns the group, has agreed to sell the stake in Palace to New York Jets owner Woody Johnson in a desperate attempt to keep the south London side in the competition following their shock FA Cup Final win over Manchester City.
A decision was expected on Friday, however, it was delayed and is now expected to be announced on Monday.
Palace's hopes of a maiden European campaign initially received a huge boost last week after Lyon were relegated from the French first division. Following an audit of Lyon's books by Direction Nationale du Controle de Gestion (DNCG), the body responsible for overseeing the finances of French football clubs), the club have been demoted.
That decision is subject to appeal - regardless, Lyon released a statement on Friday which suggests they are still in the box seat.
On Monday, Textor revealed that he has resigned as president of the French club, relinquishing control of day-to-day operations and hinted at future involvement with another English side.
'On a personal level, I am truly looking forward to the reduction of my day-to-day management responsibilities in Europe, so I can focus on markets where we have the full freedom to run our football clubs…to invest, innovate, grow and compete,' said Textor.
'OL (Lyon) in great hands with Michele [Kang], and I will focus on Botafogo, Daring Brussels and our next club in England.
'I am extremely proud of the global sporting successes of Eagle Football, with historic championships, cup wins, and tournament qualifications in Brazil, France and England, but it's clear that we must make changes in our management approach, if we expect to be as effective off-the-pitch, as we are on-the-pitch.
'Each of our clubs and communities deserve leadership, with a strong local presence, and the acumen to overcome both the sporting and the nonsporting challenges that we face.
'It's obvious to everyone that Michele is a perfect choice to lead OL, and I am thrilled for our community that she has accepted the job.'
Under UEFA rules, Lyon would have taken the spot in the Europa League because they finished higher (sixth) in their domestic league than Palace (12th). Previously, those connected with Lyon had insisted that they would face no issues.
The rules state that in multi-club groups the club which finished in a higher league position take precedent in such circumstances.
Palace have been confident of finding a resolution given that no facilities, players or resources are shared with Lyon.
It is thought that Johnson will be subject to the same set-up as Textor's firm, in that despite owning 43 per cent of the club, he will only have a quarter share of the voting rights, along with chairman Steve Parish, and US investors Josh Harris and David Blitzer.
Blitzer's ownership of Danish club Brondby was another potential sticking point should Palace have been 'demoted' from the Europa League to the Europa Conference.
Lyon, meanwhile, last year, reported debts of around €500 million (£418m). Textor, though, has insisted the financial state had improved before Lyon stood in front of the DNGC.
The relegation of the club, who faced off against Manchester United in the Europa League quarter-finals last season, will mean former Premier League stars could line up in the second tier next season.
Former United and Chelsea man Nemanja Matic is on the club's books, as well as ex-Arsenal duo Ainsley Maitland-Niles and Alexandre Lacazette.
They are seven-time Ligue 1 champions, last winning the league in 2008 - their seventh domestic title in a row.
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