Everton's potential US owner Textor puts all Lyon players on sale
With just days remaining in the transfer window, Lyon faces a critical juncture in their history. As of press time, the club has put Lyon players on sale to raise funds. The decisions made in the coming days will have long-lasting implications for the club’s future.
One of France’s most storied clubs is in the midst of a financial crisis; it has forced it to take drastic measures as the summer transfer window nears its end. In fact, American owner John Textor is scrambling to raise $112 million through player sales; it’s necessary to comply with financial regulations and avoid severe penalties from the French soccer regulatory body, the DNCG. With just days left before the window closes, Lyon faces an uphill battle to meet this target; having so far raised only a fraction of the required amount.
Their current predicament stems from the strict Financial Fair Play (FFP) rules enforced by the DNCG; they monitor the financial health of clubs in France. To maintain its autonomy and avoid further restrictions, Lyon’s management promised the DNCG that it would generate $112 million from player sales. However, with only around $28 million raised so far, the club is far from achieving this goal.
The need for financial compliance has forced Lyon to put nearly its entire squad up for sale. L’Equipe says they have informed all their players that they are available for transfer if the right offers come in. This last-ditch effort shows how dire Les Gones’ financial condition is and how quickly they have to take action to avoid punishment.
Cost of mismanagement?
Lyon’s financial woes are not solely the result of external pressures. The club’s management has come under fire for its handling of finances, particularly in the transfer market. Over the past two months, Lyon have spent a staggering $150 million on new signings; including a club-record $39 million for defender Moussa Niakhate from Nottingham Forest. This spending spree has exacerbated the club’s financial challenges; leaving the French side in a precarious position as the transfer window draws to a close.
The club’s aggressive spending is seen as a gamble that has yet to pay off. With significant investments in players like Brazilian left-back Abner and Niakhate, Lyon’s management hoped to build a competitive squad capable of challenging for top honors in Ligue 1. However, the results on the pitch have been disappointing; Pierre Sage’s players recently suffered a heavy 3-0 defeat against Rennes in their first match of the new season.
Race against time for Lyon players on sale
As the clock ticks down on the transfer window, Lyon is in a race against time to meet its financial obligations. The club still needs to raise $84 million to reach the target set by the DNCG. Failure to do so could result in severe penalties, including restrictions on player transfers and wage increases, which would further hamper Lyon’s ability to compete at the highest level.
One of the key players who could help Lyon reach its financial goal is Rayan Cherki, a highly-rated 21-year-old winger. However, Cherki recently declined a proposal from Fulham, which would have brought in $22 million for the club. With potential suitors still in the mix, Lyon’s management is hoping to secure a significant transfer fee for Cherki or other valuable assets before the window closes.
Lyon’s current situation is a far cry from the club’s glory days in the 2000s when they dominated the French scene, winning seven consecutive Ligue 1 titles between 2001 and 2008. However, years of financial mismanagement and poor decision-making have taken their toll, leaving the club struggling to maintain its status as one of France’s top teams.
Photo: IMAGO / PanoramiC