John Textor given until 7th December to complete Lyon purchase

John Textor has been given an ultimatum by Olympique Lyonnais. The American businessman has until Wednesday to provide the documentation to allow him to complete the purchase of the Ligue 1 side, as revealed in a communiqué from the club. 

Five months have elapsed since Textor posed with Les Gones president Jean-Michel Aulas with a Lyon shirt in a press conference, however, the former’s deal to take over the club is still yet to be finalised. The initial deadline of September 30th came and went without the completion of the takeover. Since then numerous deadlines have come and gone. Textor now has two days to complete the deal (7th December), at which point he will either be the owner of the club, or negotiations will be ended. 

According to Textor, all that is needed to complete the deal is the authorisation of the Premier League for the transfer of shares from Crystal Palace to Textor’s Eagle Football Holdings Limited. However, it is Get French Football News’ understanding that the Premier League is not holding up the purchase of Lyon, whilst sources also contacted by Get French Football News revealed that Bill Foley, initially involved with Textor in the deal to purchase Lyon, pulled out of the deal due to concerns over the latter’s ability to manage the asset. 

Regardless, Lyon have said that Eagle have assured the club that progress is being made to obtain this authorisation from the Premier League, but that an additional delay was necessary. The Ligue 1 side have therefore accepted a final delay to the deal, and an agreement must be found by 7th December. 

GFFN | Luke Entwistle

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