Crystal Palace co-owner John Textor has been given a stiff incentive to dispense with his shares in the club sooner rather with one of his other clubs, Lyon, threatened with relegation if they don’t improve their financial position.
Textor holds a 45 per cent stake in Crystal Palace, as well as stakes in Brazilian side Botafogo, Belgian side RWD Molenbeek, American side FC Florida, and Lyon, where he took over last year.
A couple of weeks ago, Lyon were hit with a transfer embargo and other precautionary measures by the DNCG – the body that regulates the finances of French football clubs.
Crystal Palace owner given warning to follow through on plan to sell shares in club
The DNCG have told seven-time French champions Lyon they will be relegated to the second tier if Textor’s promises of pumping more money into the club does not come to fruition.
The American businessman and former skateboarder has told Lyon fans not to panic and that it won’t actually come to that. Sport Witness add that Textor has made clear that he plans to sell his shares in Crystal Palace with the proceeds of the sale to be spread among their sisters clubs in the Eagle Group – Lyon included.
Textor has also voiced dissatisfaction with what he sees as a ‘disproportionate’ response from the DNCG, feeling they have ignored some part of their discussions – prompting the regulator’s president, Jean-Marc Mickeler, to spell out their position more clearly.
That stance boils down to ‘if Textor does what he says then it’s absolutely no issue, but we can’t just go on promises until they actually happen and we’re just spelling out what will happen it if doesn’t get sorted’.
Mickeler told L’Equipe: “The DNCG listened perfectly, and has heard and understood what Textor explained to us.
“He is convinced that when he has listed Eagle Group in the United States, when he has sold Crystal Palace and a certain number of players, the combination of one or more of these elements will allow him to substantially improve the situation of OL. But the role of the DNCG is to be sceptical about any operation that has not yet been completed.”
Mickeler went on: “The DNCG only wants one thing: that John Textor completes these important operations and that we are able to confirm they won’t be demoted at the next hearing.
“The DNCG is asking for bank guarantees or cash to cover part of these risks. We have asked him, as we have asked others, to pre-finance what we consider to be risks of non-execution of the budget. We told him how the DNCG works when he bought the club.”
Lyon are currently sixth in Ligue 1 – exactly the same position they finished in last season.
Palace have meanwhile struggled in the Premier League this season despite an excellent end to the last campaign. They sit second from bottom with just one win from their opening 12 games.
