Saturday, 7th May, 2011
French giants Lyon have secured their financial future after receiving a credit line of €57M from a group of banks. The club announced the support and welcomed the agreement which allows it to continue to operate over the medium term.
Lyon had announced a loss of some €35.5M for the 2009/10 season as against a profit of €5.3M the previous year. The Ligue 1 giants have been hit heavily through failing to continue their policy of selling players for large fees combined with spending significant sums to boost their squad.
"[Lyon] welcomes the signing of this agreement and it reflects the confidence of our banking partners and secures our financing needs in the medium term", said a statement released by the club. Lyon also believe the agreement will "give additional flexibility to pursue development projects."
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