Lyon has been relegated to the second tier of French football due to the club\'s financial problems. Lyon is owned by American businessman John Textor.
In November, the DNCG provisionally relegated Lyon because of a €175 million ($203.34 million) debt and no clear plan from the club on how to reduce it. A transfer ban was also imposed in the January transfer window.
The decision comes one day after Premier League side Crystal Palace announced that New York Jets owner Woody Johnson signed \"a legally binding contract\" to buy Textor\'s shares. Textor sold his 43% stake in the London club for $254 million.
Lyon narrowly lost to Manchester United in the Europa League quarterfinals and missed out on a cash windfall when they failed to qualify for next season\'s Champions League after finishing sixth in Ligue 1.