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HomeSportJohn Textor’s takeover of French club Lyon delayed again

John Textor’s takeover of French club Lyon delayed again

The takeover of French league club Lyon by American businessman John Textor will not be completed until next month, the parties involved in the deal said on Monday.

The sale was initially set for September and was then expected to be finalised last week, but has now been pushed back until November 17.

In a joint statement, Lyon and its partners said “substantial progress in every step required” to finalise the deal have been made.

The agreement with Textor’s Eagle Football Holdings provides for a capital increase of 86 million euros ($90 million).

The American businessman made his fortune in the digital media industry. It’s not the first time that Textor has ventured into football. He also has stakes in Crystal Palace, Belgian second-division club RWD Molenbeek and Brazilian team Botafogo.

Lyon’s run of titles from 2001-08 made it the powerhouse of French football. But after Bordeaux ended Lyon’s run in 2009, the club’s fortunes dipped.

Lyon finished in eighth place last season, 25 points behind champion Paris Saint-Germain.

This month it appointed coach Laurent Blanc to try and put the team back on track after a poor start in the league. Blanc got his first win over the weekend, thanks to striker Alexandre Lacazette’s 90th-minute goal in a 2-1 victory at Montpellier that ended a six-match winless streak.

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