Textor’s takeover of French club Lyon delayed again

By: The Associated Press Posted: 4:25 AM CDT Monday, Oct. 24, 2022

LYON, France (AP) — The takeover of French league club Lyon by American businessman John Textor will not be completed until next month, the parties involved in the deal said Monday.

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LYON, France (AP) — The takeover of French league club Lyon by American businessman John Textor will not be completed until next month, the parties involved in the deal said Monday.

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LYON, France (AP) — The takeover of French league club Lyon by American businessman John Textor will not be completed until next month, the parties involved in the deal said Monday.

The sale was initially set for September and was then expected to be finalized last week, but has now been pushed back until Nov. 17.

In a joint statement, Lyon and its partners said “substantial progress in every step required” to finalize the deal have been made.

Lyon's new coach Laurent Blanc, left, prepares to pose for photographers during a press conference to announce his appointment, in Decines, near Lyon, central France, Monday, Oct. 10, 2022. Blanc signed a two-year contract to replace Peter Bosz who was fired after only a few months in charge. (AP Photo/Laurent Cipriani)

The agreement with Textor’s Eagle Football Holdings provides for a capital increase of 86 million euros ($90 million).

The American businessman made his fortune in the digital media industry. It’s not the first time that Textor has ventured into soccer. He also has stakes in Crystal Palace, Belgian second-division club RWD Molenbeek and Brazilian team Botafogo.

Lyon’s run of titles from 2001-08 made it the powerhouse of French soccer. But after Bordeaux ended Lyon’s run in 2009, the club’s fortunes dipped.

Lyon finished in eighth place last season, 25 points behind champion Paris Saint-Germain.

This month it appointed coach Laurent Blanc to try and put the team back on track after a poor start in the league. Blanc got his first win over the weekend, thanks to striker Alexandre Lacazette’s 90th-minute goal in a 2-1 victory at Montpellier that ended a six-match winless streak.