Soccer-Lyon's parent company considering job cuts amid financial stress

Eagle Football SA

23/09/2024 18:03

By Dimitri  Rhodes
       Sept 23 (Reuters) - Olympique Lyonnais owner Eagle
Football Group (EFG) said on Monday it will start talks with
employee representatives to possibly cut jobs following a
significant transfer deficit and reduction in domestic media
rights revenues.
    The French Ligue 1 club's parent company, Eagle Football
Holdings (EFH), is also expected to provide EFG with working
capital of around 40 million euros in the coming weeks, in
addition to capital contributions following the sale of its
stake in Crystal Palace and the launch of a formal IPO process
on the New York Stock Exchange.
    "During the summer mercato (transfer period), the club had
significant opportunities to sell players, but did not achieve
its targets, mainly due to the decision of certain players to
stay with Olympique Lyonnais," the group said in a statement
    The club added that the total value of player contracts sold
during the transfer period was around 39 million euros, while 
around 145 million euros was spent on player acquisitions and
loans since June, more than any other team in France.
    Last month 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.

 (Reporting by Dimitri Rhodes, editing by Pritha Sarkar)
 ((Dimitri.Rhodes@thomsonreuters.com;))