By Federico Calabrese
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Index
These are crucial days for the future of Olympique Lyon under current president John Textor. The French club is at risk of relegation to Ligue 2 due to serious financial issues. The DNCG, the body that oversees the finances of French football clubs, has already decided on relegation—unless the club manages to secure €200 million before the appeal hearing set for July 10.
Michele Kang, the club’s new president, is doing everything possible to save it. At the same time, former president John Textor has filed an appeal, highlighting that OL’s parent holding company has already injected around €80 million in liquidity. It’s a delicate situation that has worsened in recent months under Textor’s leadership, which included a series of poor decisions.
Who is John Textor?
John Textor, an American businessman, has made football his main passion. Not only Lyon, but his ventures also include stakes in Crystal Palace, Botafogo, and Daring Brussels. His entrepreneurial career began in 1996 with the acquisition of Sims Snowboards. Textor also co-founded Virtual Bank, an internet banking startup. One of his major business moves involved fuboTV Media. In 2021, he entered the world of football, first acquiring 40% of Crystal Palace, then 90% of Botafogo, and later 40% of Lyon.
Textor and Lyon
Textor succeeded Jean-Michel Aulas as majority shareholder in 2023. Financial problems emerged immediately, and by 2024, the club had a €40 million shortfall. In the 2023-24 season, Lyon finished sixth in Ligue 1 and reached the Coupe de France final, securing a Europa League spot. Despite revenues of around €370 million, the debt persisted. The following season, the DNCG rejected OL’s finances, estimating the debt at €175 million. By June 2025 came the final blow: financial irregularities amounted to €300 million. Textor resigned, leaving the club to Kang.
Unstable Strategies
While OL achieved some sporting success under Textor, the same cannot be said on the financial front. Despite his efforts to provide quality squads, the American entrepreneur’s approach faltered. Key investments included Moussa Niakhaté from Nottingham Forest for about €32 million, Orel Mangala also from Forest for €24 million, and Ernest Nuamah from Molenbeek for €29 million.
The main issue: weak capital gains that didn’t significantly improve the club’s finances. One of the biggest profits was the sale of Jake O’Brien for just €20 million—illustrating the club’s broader financial struggles.
It was a risky strategy: heavy investments in young players while offloading valuable assets in an attempt to meet the restrictions imposed by football authorities. Now, the club must secure critical liquidity to ensure that the Textor era in Lyon isn’t remembered as a total failure.
By Federico Calabrese
