Olympique Lyonnais remains in critical financial condition after posting a €187 million loss for the first half of the 2025-26 season, a 59% year-on-year increase that further intensifies concerns around the future of one of French football’s historic clubs.
According to financial results released by the club’s parent company, Eagle Football Group, Lyon’s negative equity has doubled to €348 million, while net financial debt climbed 19% to €616.3 million.
Despite competing in the UEFA Europa League, the Ligue 1 side saw revenue fall 8% year-on-year to €76 million between July and December 2025.
Matchday revenue was one of the few positive indicators, rising 25% to €22 million. Broadcasting income also reached €22 million, although the ongoing media rights crisis in Ligue 1 continues to weigh heavily on French clubs’ finances. Sponsorship revenue remained stable at around €15 million.
A significant decline in non-football events at Groupama Stadium also impacted the club’s business performance. Event-related revenue dropped sharply to €3.5 million, compared to €10.7 million in the same period last season.
Player trading continued to provide temporary relief. Lyon generated €45.3 million from transfers, producing capital gains of €23.4 million, roughly in line with the previous year.
The club implemented aggressive cost-cutting measures during the period, reducing personnel expenses by 39% amid internal restructuring efforts. Total spending on players and staff fell to €60.4 million, while other operating expenses decreased 22% to €38.5 million.
However, the financial situation worsened dramatically due to amortisations and provisions, which tripled year-on-year to €158.6 million and became a key driver behind the escalating losses.
The crisis surrounding Lyon has intensified following instability within Eagle Football Holdings Bidco, the holding company that controls the club alongside Brazilian side Botafogo and Belgian club RWDM Molenbeek.
Eagle Football Group confirmed that the clubs are now up for sale, with current Lyon president Michele Kang and investment firm Ares reportedly leading the race to acquire control of the French side.
The company also revealed the discovery of alleged guarantees signed by former executive John Textor covering obligations linked to Botafogo and Molenbeek — commitments the group claims were previously unknown to management.
The revelation adds another layer of uncertainty to Lyon’s future as the club battles mounting debt, governance instability, and growing pressure to restore financial sustainability.