Crystal Palace co-owner John Textor has announced his resignation from the board of French club Lyon, a decision that comes in the wake of Lyon's recent relegation to Ligue 2 due to financial difficulties. Textor, who owns a 77% stake in Lyon through his Eagle Football Group, has agreed to sell his 43% share in Crystal Palace to New York Jets owner Woody Johnson.

Financial Struggles and Leadership Changes Lyon's demotion from Ligue 1 has been a significant blow to the club, which has been grappling with substantial debt. Textor acknowledged the financial challenges, stating, "I have not been so good at the politics of France," and emphasized the need for a change in leadership. Michele Kang has been appointed as the new chairwoman, taking over the day-to-day operations of the club.

Impact on European Ambitions Textor's dual ownership of Lyon and Crystal Palace has raised concerns about the latter's eligibility for the Europa League. UEFA's regulations prohibit multiple clubs under the same ownership from competing in the same European tournament. To address this, Textor has agreed to sell his stake in Crystal Palace, aiming to secure the club's participation in European competitions. Palace is currently awaiting UEFA's decision on their eligibility for the next season's Europa League.

Reflecting on Achievements Despite the challenges, Textor expressed pride in Lyon's recent sporting successes. "I am extremely proud of our sporting success at OL [Olympique Lyonnais], having successfully rebuilt the squad, returning to European competition in each of the last two years, after a long absence," he said. He also thanked everyone at Lyon for their dedication during this difficult period.

Looking Ahead Textor will remain a co-owner of Lyon but will reduce his involvement in the club's operations. His departure marks a significant shift in Lyon's leadership as they navigate their financial recovery and strive to return to the top flight of French football.