Lyon relegated to Ligue 2 over financial concerns
Lyon will play in the second tier of French football next season after its demotion was confirmed after a meeting with the National Management Control Directorate (DNCG).
The French giant, along with several other Ligue 1 sides, appeared before the DNCG to discuss the financial state of their respective clubs.
Lyon was hit with a provisional demotion to Ligue 2 back in November amid concerns about its finances, having reportedly racked up over €500m in debt.
Eagle Football Group, the consortium that owns Lyon, pulled multiple financial levers to try and convince the DNCG that its financial situation had improved.
That included chairman John Textor selling his 42.9 percent stake in Premier League side Crystal Palace, as well as selling off Lyon's women's team for a reported £190m.
Seven-time French champion Lyon also raised around £45m with the sales of Maxence Caqueret to Como in January and Rayan Cherki to Manchester City in June.
But despite those efforts, it was unable to convince the DNCG.
High earners such as Alexandre Lacazette and Anthony Lopes have also been released.
Lyon has the right to appeal against the decision.
Should it stand, Lyon will be replaced in the top flight by Reims, which was beaten in the relegation play-off by Metz.
