logo
Lyon Stave Off Ligue 1 Relegation After Successful Appeal

Lyon Stave Off Ligue 1 Relegation After Successful Appeal

NDTV09-07-2025
Seven-time French champions Lyon have kept their Ligue 1 place after winning their appeal against relegation, the French Football Federation (FFF) said on Wednesday. Last month, Lyon were relegated to the second-tier Ligue 2 by French football's financial watchdog, who had placed the club under budgetary restrictions in November. American businesswoman Michele Kang then took over as club president from compatriot John Textor. The FFF said Lyon would have to cut its wage bill and transfer budget for the upcoming campaign. "Lyon would like to thank the appeal commission after it recognised the ambition of the new management of the club," the club said in a statement.
"Today's decision constitutes the first step of re-establishing trust in Lyon."
Two weeks ago, Textor said he would take a step back from the day-to-day running of the club.
The second-largest shareholder at the club behind Textor, Kang was already president of the Lyon women's team.
Lyon finished sixth in Ligue 1 last season to qualify for the Europa League and will be allowed to play in that competition after the successful appeal, but thed had already agreed to pay UEFA a fine.
Textor took over as Lyon's majority owner in December 2022 from long-standing boss Jean-Michel Aulas, who had overseen unprecedented success at the French outfit.
Lyon won seven consecutive French titles between 2002 and 2008, under Aulas.
Textor, 59, also holds stakes in Brazilian side Botafoga and Belgian club Molenbeek.
He sold his 43 percent stake in Premier League outfit Crystal Palace in mid-June as he tried to balance the books at Lyon.
Lyon have reduced their salary bill with attacker Alexandre Lacazette and goalkeeper Anthony Lopes released.
They have sold Rayan Cherki to Manchester City and Maxence Caqueret to Como.
Textor said his Eagle group has also put 83 million euros (97 million dollars) into the club.
Only five clubs have won Ligue 1 more often. Paris Saint-Germain hold the record with 13 titles.
Lyon began their pre-season on Monday. Their first game of the Ligue 1 season a trip to Lens on the weekend of August 15-17.
eba/iwd/pi/pb
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump tariffs a 'slow burn' for Wall Street, likely to hit US economy hard
Trump tariffs a 'slow burn' for Wall Street, likely to hit US economy hard

Hans India

time2 minutes ago

  • Hans India

Trump tariffs a 'slow burn' for Wall Street, likely to hit US economy hard

New Delhi: The reciprocal tariffs imposed by US President Donald Trump are a "slow burn" for Wall Street, as they rarely trigger an immediate crisis - but over time, they warp markets, squeeze consumers, and invite retaliation, according to a new report. Investors and policymakers alike would do well to remember that just because the storm isn't here yet doesn't mean it isn't coming, says Zoya Najeeb in an opinion piece in One World Outlook. "While Wall Street pours champagne over record-high stock indexes, the US economy is quietly swallowing a bitter pill: tariffs. The same markets that panicked in April are now shrugging at the reality of a new trade regime - one that could be far costlier than investors seem willing to admit," the article highlighted. White House press secretary Karoline Leavitt recently cheered $29 billion in tariff revenue collected in July, with Commerce Secretary Howard Lutnick predicting $50 billion a month soon. "But tariffs are taxes by another name, and this is a tax hike on Americans at a time when the bottom half of the income ladder is already straining," according to the write-up. Caterpillar Inc., an American construction, mining and other engineering equipment manufacturer, estimates the new tariffs will cost it up to $1.5 billion this year - half a billion in the current quarter alone. "Yet its stock barely flinched, thanks to investor faith in unrelated booms in AI data centres and infrastructure spending. It's a neat metaphor for today's K-shaped economy: Wall Street soars while Main Street watches grocery bills spike and more households turn to 'buy now, pay later' plans just to make ends meet," the report highlighted. The AI gold rush may be propping up the stock indexes, but strip out tech and the S&P 500 is flat. "Even Warren Buffett - hardly a doomsayer - has been quietly selling for 11 straight quarters, amassing a $344 billion war chest to deploy when prices fall. He's betting on a downturn, even if the rest of the market isn't," said the report. In the meantime, former US House Speaker Paul Ryan has warned that "choppy waters are ahead because I think they're (tariffs) going to have some legal challenges."

No president's gift collection looks like Trump's: Here's what makes it so different
No president's gift collection looks like Trump's: Here's what makes it so different

Economic Times

time2 minutes ago

  • Economic Times

No president's gift collection looks like Trump's: Here's what makes it so different

Reuters A gift given by Apple CEO Tim Cook to U.S. President Donald Trump Donald Trump, throughout his presidency, has been the recipient of an extraordinary array of gifts—from luxury jets worth hundreds of millions to golden golf clubs and bespoke plaques. These presents reflect not only diplomatic gestures but also the spectacle around Trump's unique place on the global stage. The latest dazzling addition to the collection was a commemorative plaque gifted by Apple CEO Tim Cook in August 2025. This plaque features a circular piece of Corning Gorilla Glass mounted on a 24-karat gold base crafted by a former US Marine working at Apple. It was presented alongside the announcement of Apple's $600 billion investment in American manufacturing, symbolizing an intertwining of corporate influence, patriotism, and the Trump-era flair for ostentation. Yet, this shining gift is but one of many that have sparked media attention and public debate over the years. Earlier in 2025, Trump accepted perhaps the most expensive gift ever bestowed upon a US president—a super luxury Boeing 747-8 jumbo jet from the royal family of Qatar. Valued at approximately $400 million, this 'palace in the sky' was intended as a replacement for Air Force One during his remaining time in office, later to be transferred to the Trump presidential library foundation. This gift sums up to be more in cost and spectacle than nearly all presidential gifts in recent history. According to White House spokesman Davis Ingle, these lavish gifts often symbolize historic investments and diplomatic goodwill inspired by Trump's 'bold vision' for American industry and international relations, reported Axios. Other eye-catching presents include: A full set of 1984 Olympic medals recognizing Trump's role as Chair of the 2028 Los Angeles Olympic Games. Gold-plated luxury golf clubs gifted by former Japanese Prime Minister Shinzo Abe, intended to cement a "special relationship," although these clubs are notably missing from the National Archives. Diplomatic gifts during his tenure range from a ruby and emerald pendant necklace from Saudi King Salman, valued at $6,400, to a bronze Arabian horse sculpture from Bahrain's Crown Prince, as well as intricately carved stone artifacts and personalized books of Psalms from religious officials during high-profile visits. A nearly $5,000 Mont Blanc writing set from German Chancellor Angela Merkel and gemstone portraits from world leaders like Vietnam's Prime Minister contributed further to the eclectic trove. The White House in the Trump era is witnessing a marked shift from the traditionally understated to the extravagant and personalized, reflecting Trump's personality and the global political dynamics of his time. However, the acceptance of such lavish gifts has also drawn legal and ethical scrutiny. A 2023 report by the then Democrat-led House Committee on Oversight and Accountability revealed that the Trump administration failed to report at least 117 foreign gifts during his first term. Some of these valued up to $24,000, including Saudi daggers, swords, and luxury winter coats, breaching disclosure rules governing presidential gifts. The missing gold golf clubs from Japan symbolize concerns about formal record-keeping and these gifts have been accepted, there are provisions that, in cases, prohibits the US president from accepting gifts from foreign governments. Article I, Section 9, Clause 8 of the US Constitution prohibits any federal official, including the President, from accepting personal gifts from foreign governments or foreign officials without the consent of Congress. The Foreign Gifts and Decorations Act (1966) governs acceptance of gifts from foreign governments. Gifts from foreign officials above a minimal value threshold (set by the General Services Administration) must be declared and typically become property of the United States, housed in the National Archives or presidential libraries unless purchased by the President.

Trump administration threatens to seize Harvard patents in federal funding dispute
Trump administration threatens to seize Harvard patents in federal funding dispute

Indian Express

time2 minutes ago

  • Indian Express

Trump administration threatens to seize Harvard patents in federal funding dispute

The Trump administration has warned Harvard University that it could lose control of its lucrative patent portfolio, adding to the ongoing confrontation between the White House and the Ivy League institution, reported The Guardian. In a letter posted online Friday, Commerce Secretary Howard Lutnick accused Harvard of breaching legal and contractual obligations tied to research funded by the federal government. Lutnick said the Commerce Department had initiated a 'march-in' process under the Bayh-Dole Act, which allows the government to take ownership of patents or issue new licences if certain requirements are not met. 'The Department places immense value on the groundbreaking scientific and technological advancements that emerge from the Government's partnerships with institutions like Harvard,' Lutnick wrote. He added that the university had a 'critical responsibility' to ensure that the federally funded intellectual property benefits the American public. Lutnick gave Harvard four weeks to submit a list of all patents linked to federal research grants, including details on their use and whether licensing agreements require 'substantial US manufacturing', The Guardian reported. As of 1 July 2024, Harvard's Office of Technology Development reported more than 5,800 active patents and over 900 technology licences with 650 industry partners. The patent review is the latest step in a broader White House campaign against Harvard, which the administration has accused of violating civil rights law by not fully complying with directives on addressing alleged antisemitism linked to student protests over Israel's war in Gaza. In April, Harvard sued the federal government after billions of dollars in research funding were frozen or revoked. Other universities under similar scrutiny, including Columbia University and Brown University, have reached financial settlements with Washington. Enacted in 1980, the bipartisan Bayh-Dole Act allows institutions to retain ownership of inventions developed with federal funding, provided they meet certain conditions. Supporters, including former President Jimmy Carter, have described the law as key to fostering innovation and strengthening the US economy. (With inputs from The Guardian)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store