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Toronto Sun
5 days ago
- Business
- Toronto Sun
Crystal Palace demoted by UEFA from Europa League
Published Jul 11, 2025 • Last updated 10 minutes ago • 3 minute read John Textor, Chairman of Eagle Football Holdings, speaks during the FT Business of Football Summit in London, Thursday, Feb. 29, 2024. Photo by Kin Cheung / AP Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. UEFA demoted Crystal Palace to the third-tier Conference League on Friday because of the English cup winner's ownership ties to French club Lyon through American businessman John Textor. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Textor's 43% minority stake in Palace — even though he had limited decision-making influence there — while he owned Lyon outright, conflicted with UEFA rules on multi-club ownership designed to protect the integrity of its competitions. UEFA said its club finance panel accepted Lyon's entry into the second-tier Europa League instead. Lyon qualified on merit by placing sixth in Ligue 1 this season but its entry was in jeopardy because of persistent financial turmoil. The decision follows the financially troubled club being reprieved this week from demotion to Ligue 2. UEFA's decision came after several weeks of uncertainty for the south London club which has taken the shine off the first qualification for European competitions in its history. Palace beat Manchester City in the FA Cup final in May. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Palace can challenge the UEFA ruling at the Court of Arbitration for Sport. A fast-track case would need to be held within about one month before Conference League qualifying playoffs. Textor has been an increasingly controversial figure in global soccer, also owning Brazilian club Botafogo and Belgium's Molenbeek while being linked with a failed bid to buy Everton. He has reportedly agreed on a deal to sell his Palace stake to Woody Johnson, the New York Jets owner and former U.S. Ambassador to Britain in the first Trump administration. Forest may replace Palace Nottingham Forest should now step up into the Europa League from the Conference League, which is potentially worth 20 million euros (dollars) more in UEFA prize money. This advertisement has not loaded yet, but your article continues below. Forest has had its own potential multi-club issues because Evangelis Marinakis also owns Greek league winner Olympiakos which will play in the Champions League. UEFA has repeatedly warned in recent years about the growing trend for investors to take stakes or full ownership in multiple clubs in different countries, and the potential threats to the integrity of games and the transfer market. Multi-club ownership has been especially popular with investors from the United States. One of the most notorious networks was built by Miami-based 777 Partners which failed in the last year after also being linked to an Everton bid. Longer established international multi-club groups were built by the Red Bull drinks giant, which includes Leipzig and New York Red Bulls, and the Abu Dhabi-backed City Football Group centered on Man City. This advertisement has not loaded yet, but your article continues below. The multi-club phenomenon presents UEFA with several cases to review toward the end of each season, assessing if clubs that have close ties and qualify for the same competition can comply with the rules. In 2023, UEFA required AC Milan and Toulouse, Brighton and Union Saint-Gilloise, plus Aston Villa and Vitoria Guimarães to change their ownership structures to comply. This could involve owners selling stakes or putting shares in a one-year blind trust, plus putting embargoes on related clubs transferring players between each other or sharing scouting databases. In 2024, UEFA took decisions against Man City and Girona for the Champions League, and Manchester United and Nice for the Europa League. This season, Palace-Lyon was the signature case, though UEFA fully removed two clubs from the Conference League: Drogheda from Ireland and FC DAC 14 of Slovakia. Key to the Palace judgement was the club not meeting a March deadline set by UEFA to create separation from Lyon. UEFA framed an earlier deadline this season in part because of the uncertainty created each June by the increasing workload for its club finance monitoring panel. The panel is chaired by Sunil Gulati, a professor of economics at Columbia University in New York and a former president of the U.S. Soccer Federation. Editorial Cartoons World Toronto & GTA Toronto Maple Leafs Toronto & GTA
Yahoo
5 days ago
- Business
- Yahoo
Crystal Palace demoted by UEFA from Europa League because of co-owner Textor's ties to Lyon
FILE - John Textor, Chairman of Eagle Football Holdings, speaks during the FT Business of Football Summit in London, Thursday, Feb. 29, 2024. (AP Photo/Kin Cheung, File) NYON, Switzerland (AP) — UEFA demoted Crystal Palace to the third-tier Conference League on Friday because of the English cup winner's ownership ties to French club Lyon through American businessman John Textor. UEFA said its club finance panel accepted Lyon's entry into the second-tier Europa League instead. Advertisement The decision follows the financially troubled French club being reprieved this week from demotion to the French second division. UEFA said Palace can challenge the decision at the Court of Arbitration for Sport. Nottingham Forest should now step up into the Europa League. ___ AP soccer:
Toronto Sun
24-06-2025
- Business
- Toronto Sun
Lyon relegated to French soccer's second tier amid ongoing financial problems
Published Jun 24, 2025 • 1 minute read John Textor, Chairman of Eagle Football Holdings, speaks during the FT Business of Football Summit in London, Thursday, Feb. 29, 2024. Photo by Kin Cheung / AP Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Seven-time French champion Lyon was relegated to the second tier on Tuesday because of ongoing financial irregularities. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The decision followed an audit of the club's finances by the French league's soccer watchdog, known as DNCG. French sports daily L'Equipe estimated Lyon's current debt at 175 million euros ($203 million). Lyon was expected to appeal the decision. The decision comes after the DNCG had already provisionally relegated Lyon to Ligue 2 in November, with the club reporting at the time that it had more than 500 million euros ($581 million) of debt. A transfer ban was also imposed in the January transfer window. Lyon is owned by American businessman John Textor, who has stakes in Brazil's Botafogo and Premier League team Crystal Palace. Textor was present for the hearing in Paris on Tuesday. He had been optimistic it would be successful for Lyon, which has been trying to balance the books. This advertisement has not loaded yet, but your article continues below. On Monday, Premier League side Crystal Palace announced that New York Jets owner Woody Johnson signed 'a legally binding contract' to buy Textor's shares. Textor has a 43% stake in the London club. Reports have placed the price between $220 million and $260 million. Two weeks ago, Lyon received a much-needed cash injection by selling coveted playmaker Rayan Cherki for 36 million euros. But the club has been under growing pressure. Two years ago, the DNCG decided to monitor the club's transfer activities, saying its moves on the market would be limited under 'a framework for wage costs and transfer indemnities.' Lyon won its seven league titles from 2002-08 and reached the Champions League semifinals in 2020. Lyon narrowly lost to Manchester United in the Europa League quarterfinals and missed out on a cash windfall when it failed to qualify for next season's Champions League after finishing sixth in Ligue 1. Toronto Blue Jays Toronto & GTA Toronto & GTA NHL World
Yahoo
24-06-2025
- Business
- Yahoo
Lyon relegated to French soccer's second tier amid ongoing financial problems
FILE - John Textor, Chairman of Eagle Football Holdings, speaks during the FT Business of Football Summit in London, Thursday, Feb. 29, 2024. (AP Photo/Kin Cheung, File) PARIS (AP) — Seven-time French champion Lyon was relegated to the second tier on Tuesday because of ongoing financial irregularities. The decision followed an audit of the club's finances by the French league's soccer watchdog, known as DNCG. French sports daily L'Equipe estimated Lyon's current debt at 175 million euros ($203 million). Lyon was expected to appeal the decision. Advertisement The decision comes after the DNCG had already provisionally relegated Lyon to Ligue 2 in November, with the club reporting at the time that it had more than 500 million euros ($581 million) of debt. A transfer ban was also imposed in the January transfer window. Lyon is owned by American businessman John Textor, who has stakes in Brazil's Botafogo and Premier League team Crystal Palace. Textor was present for the hearing in Paris on Tuesday. He had been optimistic it would be successful for Lyon, which has been trying to balance the books. On Monday, Premier League side Crystal Palace announced that New York Jets owner Woody Johnson signed 'a legally binding contract' to buy Textor's shares. Textor has a 43% stake in the London club. Reports have placed the price between $220 million and $260 million. Advertisement Two weeks ago, Lyon received a much-needed cash injection by selling coveted playmaker Rayan Cherki for 36 million euros. But the club has been under growing pressure. Two years ago, the DNCG decided to monitor the club's transfer activities, saying its moves on the market would be limited under 'a framework for wage costs and transfer indemnities.' Lyon won its seven league titles from 2002-08 and reached the Champions League semifinals in 2020. Lyon narrowly lost to Manchester United in the Europa League quarterfinals and missed out on a cash windfall when it failed to qualify for next season's Champions League after finishing sixth in Ligue 1. ___ AP soccer:
The Guardian
02-03-2025
- Business
- The Guardian
Relentless hunt for profits still not matching global popularity
When William Goldman wrote in his memoir Adventures in the Screen Trade that in Hollywood 'nobody knows anything', he coined a phrase that spoke directly to the chaos at the heart of the movie industry. It was a remark made in 1983, the year of classic movies such as Tootsie, Trading Places and Local Hero and an era when the box office was booming. The phrase came to mind this past week in the ballroom of the Peninsula hotel in London, where the great and the good and the rest of the global football industry gathered for the latest FT Business of Football Summit. Just like Hollywood in the early 80s, the football industry has a lot to shout about today. There is the success of the expanded Champions League (at least in the sense it has increased income for a greater number of clubs and nations). There is more power for clubs within the European system, a response in part to the Super League plot. There is the ubiquitous refrain that, in a world of limitless content, nothing does what live sport can. For the Premier League, it can even point to continued growth in the value of its media rights. Despite all this, the background noise was one of people scratching their heads. For all the brand awareness, the eyeballs and the solidarity payments, most in the business of football are struggling to make the whole thing profitable. When it comes to a diagnosis of the problems and the solutions that should be pursued, opinions differ wildly. Todd Boehly was the headline act and gave a distinctly low-energy tour around his thinking. For the Chelsea co-owner, the future is Netflix. Or at least, it is the Premier League striking a worldwide media rights deal with a global brand (like the MLS has with Apple or the NFL with DAZN). A one-stop shop for every fan across the world, the scale of the opportunity, Boehly thinks, means it has to be an option the league considers and is, in his opinion, 'where we're headed'. That is all well and good for the richest domestic football league in the world, but for others such an opportunity may not be viable. For clubs such as Marseille there need to be 'new ideas'. For their president, Pablo Longoria, that involves turning the Stade Vélodrome into a destination outside matches and making better use of 'digital opportunities'. For Sporting in Portugal and their executive André Bernardo, dynamic ticket pricing needs to be on the table. For Giorgio Chiellini, the legendary defender turned head of football institutional relations at Juventus, more games are inevitable, but the proceeds from those games should be shared. 'It's hard to go back and the direction of travel is more games,' he says. 'The only answer is more redistribution.' While every executive appears to have an idea on how to make things better, there is not a consensus on which approach is most likely to work. Equally, there is no agreement about the other end of the money puzzle: what regulations are necessary to create the holy grail of financial sustainability and competitive balance. A topic at the heart of the debate over the independent regulator for English football, it is something everyone in European football (including its American owners) says they want, but in their own way. For Richard Masters and the Premier League, the imposition of an independent regulator will be overly restrictive, with the 'unintended consequences' an even greater risk. For Charlie Marshall, chief executive of the European Club Association, which speaks for more than 700 men's and women's clubs, the concern is also 'over-regulation' and 'rules that don't allow for dynamism'. Sign up to Football Daily Kick off your evenings with the Guardian's take on the world of football after newsletter promotion For Fausto Zanetton, an Inter board member and investor, however, the focus must be instead on stemming losses, and for Ian Lynam, a leading sports lawyer, concerns over tighter regulation are outweighed by the risks of laxer rules. 'You can't say that more competitive balance means a better league,' he says, 'but a complete absence of it leads to destruction.' The lack of agreement was striking, as was the tendency for speakers to use the same terms ('financial stability and competitive balance' among them) to mean very different things. This reflects the problems of a sport that has never been more globally popular but is not generating revenues to match. But perhaps it also reveals the complicated and complex reasons why investors get into football in the first place. For all that sportswashing and financialisation may play a part, listening to owners and executives you also hear very strong personal motivations: a desire for legacy, for excitement and, even, for affection. The human component in any business decision, especially a business as emotional as football, is perhaps undervalued.
