CRYSTAL Palace’s battle to play in next season’s Europa League took a fresh twist this week when French side Lyon were demoted to the second tier.
John Textor’s Eagle Football Group owns a 77 per cent of Lyon and last October they announced debts of £422m with the club then provisionally demoted by the DNGC, the body which oversees the accounts of French professional football clubs, the following month.
The news of Lyon’s penalty came after Palace confirmed this week that Textor had entered into a “legally binding contract” to sell his 43 per cent stake in the Eagles to New York Jets owner Robert ‘Woody’ Johnson. That deal is reportedly worth close to £190million.
Lyon’s demotion could be significant as Palace are making their case to Uefa to be allowed to play in Europe’s second competition. Uefa rules prohibit multiple teams under one multi-club ownership structure competing in the same European competition. Because Lyon had a higher league finish than Palace last season, they would have retained their place with Palace missing out.
Lyon intend to appeal the decision, and that could mean Palace are left in the dark for longer over their case.
“With proven funds and sporting success that has earned us a place in European competition for two consecutive years, we sincerely do not understand how an administrative decision could relegate such a major French club,” seven-time top-flight champions Lyon said in a statement.
“We will appeal to demonstrate our ability to provide the necessary financial resources to guarantee OL’s place in Ligue 1.
“Over the past few months, we have worked closely with the DNCG, fulfilling all of its requests with equity investments that exceeded the required amounts.
“Thanks to capital injections from our shareholders and the sale of Crystal Palace, our cash flow has significantly improved and we now have more than sufficient financial resources for the 2025-26 season.”
Textor, who is also the largest shareholder of BrazilIan club Botafogo, has proved hugely unpopular with Lyon fans.
Lyon’s main ultra fans group, the Bad Gones, have called for Textor to leave.
In a letter to the owner posted on social media, they said: “The end of the season was difficult for the club but also for our relationship. We think that we struggle to understand each other, to understand where the club is going, what your vision of it is, and we think that you, like us, have created a common distrust.
“John has never been and never will be the man for the situation. This Botafogo supporter should now leave the Lyon landscape. We call on the numerous creditors to take back control and give the keys back to someone who will be able to respect the institution.”
Palace confirmed on Monday Textor had agreed to sell his stake.
In a statement, the club said: “Crystal Palace Football Club can confirm that Robert Wood Johnson, Woody, an American businessman and co-owner of the New York Jets, has signed a legally binding contract to purchase Eagle Football’s holding in the Club.
“Whilst the completion is pending approval from the Premier League and Women’s Super League, we do not envisage any issues and look forward to welcoming Woody as a partner and director of the club.
“We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future.”
Johnson, 78, was the United States ambassador to the United Kingdom from 2017 to 2021. He is an heir to the Johnson & Johnson pharmaceutical company fortune.
He purchased the New York Jets for $635 million in 2000.
As of April 2024, the Bloomberg Billionaires index estimated his net worth at $9.92billion.
Palace were hoping that the Europa League drama would be resolved by the end of this month, but it could now drag on if Lyon continue to fight their case with appeals.
