Lyon relegated from Ligue 1: Club owner John Textor to step back from management
American businessman John Textor plans to step back from the day-to-day management of Olympique Lyonnais following the club's relegation to Ligue 2, which was confirmed after a meeting with French football's financial watchdog (DNCG) this week.
Textor, who owns the French club through his Eagle Football Group, revealed his decision in an interview with Brazil's TV Globo on Saturday, shortly before his Brazilian side Botafogo lost 1-0 to Palmeiras in the Club World Cup, saying he could have dealt better with French football politics.
Lyon's demotion was provisionally announced by the DNCG in November due to financial irregularities and was confirmed on Tuesday. Textor said the club would appeal against the decision and that Lyon's financial position remained strong despite the ruling.
'I will tell you that we're very well capitalised in France,' Textor told TV Globo. 'It's clear that I've been much better on the pitch than managing France. I have not been so good at the politics of France. I think that's well known. So the process is, for me, as an American capitalist, adjusting to that system.'
Textor said his focus would shift towards broader responsibilities within Eagle Football Group which also includes Botafogo and formerly included a 43% stake in English club Crystal Palace, sold earlier this week.
'I am going to spend a lot more time focusing on Eagle Global, coming back frankly a bit more to Botafogo,' he said.
'I've got very good partners in the Eagle Football Group shareholders who are going to take a lead on dealing with some of the issues that I have frankly not been very good at dealing with.'
ALSO READ | Seven-time Ligue 1 champion Lyon demoted to Ligue 2, files appeal
Despite Lyon's relegation, Textor highlighted the club's recent achievements, including back-to-back qualifications for the Europa League, and reassured fans about their financial stability.
'We've never been more liquid in cash. But there are things in the process I did that disappointed the governing bodies there that we need to fix,' Textor said.
'We did pass through the financial sustainability review with UEFA, which is quite a comprehensive process. So the fact that we didn't pass through France has more to do with some of the specific elements that I brought to the table that I should have improved.'
Textor hinted at a potential acquisition in the United Kingdom to replace the Crystal Palace stake.
'We have our U.K. strategy where we need to look at who our new club is. What are we going to buy there? What's the partnership? Because it's that collaboration between the clubs that's been so successful for us,' he said.
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