Soccer-Lyon's owner denies 100 million euros target for transfers

Eagle Football SA

24/08/2024 17:48

By Gianluca Lo Nostro
       Aug 24 (Reuters) - Olympique Lyonnais are not required
to sell players for 100 million euros ($112 million) before the
summer transfer window ends, the French club’s owner John Textor
said on Saturday.
    “We do not have sales targets, and we are not required to
sell 100 million euros of players as there may be other ways to
bring in revenues to maintain financial sustainability,” Textor
told Reuters. 
    On Thursday, the French newspaper L’Equipe reported that
Lyon had put the majority of their squad on the transfer market
to raise 75 million euros to balance their budget and meet 
financial sales targets. 
    Lyon have spent around 134 million euros since June, more
than any other team in France.
    Textor is the majority stakeholder of Olympique Lyonnais
through Eagle Football Group  EEFG.PA , a holding company listed
in Paris. The French side was acquired by Eagle Football in
2022, which holds 87.7% of the share capital.
    The group posted a yearly revenue of 368.3 million euros in
June, an increase of 78% from the previous year, helped by
events and an uptick in player trading. 
    Textor also said that they expect to sell maybe two more
players before the transfer window closes on Friday,
acknowledging that it's been a slow window in that regard and
that Lyon may have missed their normal budget in the off-season.
    “That’s certainly true, but that does not mean that we are
required to hit that budget. If it’s a slow transfer window,
then we hold players until the next window. It’s as simple as
that," he added.
    The American businessman, who partly owns Botafogo in
Brazil, RVD Molenbeek in Belgium and Crystal Palace in England,
indicated that there is always "flexibility in how to create
cash flows".
    "Every company in France has the same challenge. At the end
of the year, negative equity has to be restored. It’s no
different in football," he said.


($1 = 0.8937 euros)

 (Reporting by Gianluca Lo Nostro)
 ((gianluca.lonostro@thomsonreuters.com))