Olympique Lyonnais published its first-half results for the 2025-2026 season on Tuesday, showing a marked improvement in EBITDA (earnings before interest, taxes, depreciation, and amortization), but the club’s financial situation remains extremely fragile. As of December 31, Lyon posted an EBITDA of -€2.2 million, compared to -€46.1 million a year earlier—a clear sign that cost-cutting measures by the new management, implemented after narrowly avoiding administrative relegation last summer, are paying off. The wage bill has dropped by around 40%, from €99.2 million to €60.4 million. Revenue edged up slightly to €121.3 million (+3%), driven by player sales (€45.3 million). However, recurring revenue excluding player trading fell by 8%, hurt by lower TV rights income.
On the flip side, the net loss deepened to -€186.5 million, compared to -€116.9 million a year earlier. This massive loss is largely due to accounting impairments of receivables linked to other entities in the Eagle group, totaling €126.2 million. The club stated in its release that it uncovered several financial guarantees granted by former president John Textor, particularly benefiting Botafogo, as well as commitments to factoring firms—previously revealed by L’Équipe in December—which Lyon now contests.
Lyon urgently needs a direct Champions League qualification and a takeover. The financial situation remains worrying, highlighting the huge difference between finishing fourth (with uncertainty) and a top-three spot that guarantees lucrative Champions League revenue for Paulo Fonseca’s team. Equity stands at negative -€347.9 million, while financial debt reaches €616.3 million. Lyon notes that the accounts were prepared on a going-concern basis, assuming a new shareholder arrives and a financial restructuring plan is in place by June.
The atmosphere remains tense around Eagle Bidco, the parent company holding 88% of Lyon, which was placed under judicial administration in the UK at the end of March. A sale of assets is being managed by administrator Cork Gully. Current president Michele Kang is among potential buyers. She could convert the loan she provided to appeal to the DNCG last July into assets. US fund Ares, Textor’s main lender and thus the primary creditor, has no intention of running the club long-term.
