Olympique Lyonnais reported a net loss of €87.3 million for the 2025-26 season, down 57% from €201.2 million a year earlier. Despite the significant reduction in losses, the French club remains under financial pressure as it continues its restructuring under new owner Michele Kang. Lyon reduced personnel costs by 36% and settled €242.2 million in debt owed to former owner Eagle.
According to financial documents reviewed by 2Playbook Intelligence, Lyon’s financial restructuring included several major measures during the past season. Kang provided the club with a €71 million loan following her takeover, while the terms of up to €395 million in senior debt were renegotiated. The club also settled €242.2 million in debt owed to Eagle, the multi-club group previously led by John Textor, which is now undergoing liquidation.
Revenue falls 19% amid broadcast and transfer pressures
Lyon’s revenue fell 19% to €222.3 million in 2025-26, reflecting lower profits from player trading and declining broadcast income.
French domestic football broadcasting generated just €16 million, equivalent to around 7% of the club’s revenue. Broadcast income fell 28% year on year, amid continued disruption in the French football media rights market. Lyon earned a further €22 million from its European campaign, having reached the Europa League round of 16.
Matchday revenue proved more resilient. Ticketing income increased 5% to €45 million, meaning Lyon generated more from ticket sales than from broadcasting during the season.
Sponsorship revenue remained relatively stable at €29.2 million, approximately €1.5 million below the previous season. Adidas and Emirates continued as the club’s principal sponsors, while energy drink brand Monster joined its commercial portfolio for the new campaign.
Revenue from non-matchday activities at Groupama Stadium, including concerts, sporting events and seminars, fell 58% to €7.9 million.
Player trading generates €79 million in profit
Player trading remained a significant contributor to Lyon’s finances, although profits from transfers declined 29% year on year to €79 million. Despite the decrease, transfer profits accounted for more than one-third of the club’s reported revenue.
The figures underline Lyon’s continued reliance on player sales to support its financial position, even as the club seeks to establish a more sustainable operating model.
Personnel costs cut by 36%
Reducing personnel expenditure was one of the main priorities in Lyon’s restructuring programme. Total personnel costs, including players, fell from €177.7 million in 2024-25 to €114.5 million in 2025-26, a reduction of 36%. The figure represents the club’s lowest level since the 2017-18 season.
Other operating expenses stood at €84 million, representing a €50 million saving compared with 2023-24.
Amortisation costs related to player registrations also declined. These expenses fell 33% to €47.7 million, reflecting player departures and a more controlled recruitment policy.
However, other amortisation, impairment and provision expenses surged from €20.4 million to €222.1 million. The increase was primarily driven by impairments on amounts owed to the Lyon group by Botafogo, Eagle Bidco and Eagle Football Holdings. Total impairment charges reached €205.1 million.
Net financial debt stands at €409.8 million
As of June 30, 2026, Lyon reported negative equity of €248.3 million. Net financial debt stood at €409.8 million, down 21% year on year, while net cash debt was reported at €442.8 million.
Under Kang’s ownership, Lyon has begun implementing a financial recovery plan focused on debt restructuring, cost reductions and a more disciplined transfer strategy. Although the club has substantially narrowed its losses, declining revenue and a significant debt burden remain key challenges as it seeks to restore financial stability.