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Sep, 6, 2012

President delighted with Lyon cost-cutting

Lyon president Jean-Michel Aulas has hailed the club's summer cost-cutting operations as a success, with the Ligue 1 club making a transfer profit and reducing their wage bill in preparation for the advent of Financial Fair Play.

• Lyon shuffle their pack

After three years without a trophy and - for the first time in 11 years - no Champions League football this season, Aulas decided to embark on a financial overhaul with his club also set to complete a new stadium.

The departures of Hugo Lloris (€15 million), Aly Cissokho (€7 million), Kim Kallstrom (€3 million), Jeremy Pied (€3 million) and Ishak Belfodil (€2.5 millions) brought in almost €30 million, while Lyon spent less than €10 million to sign Milan Bisevac (€2.75 million), Fabian Monzon (€2.5 million) and Arnold Mvuemba (€2.5 million.

Aulas said: "We lowered the net fixed assets in terms of players from €90 million to between €55 million and €60 million by June 30.

"This means we will have less depreciation in the coming years. Therefore, wages plus depreciation means a saving of around €30 million year on year.

"We are not yet at the desired level, but it has worked well. All clubs must work within UEFA Financial Fair Play in the future to compete in Europe."

But he denied that Lyon would have been in financial difficulties without the summer's changes, saying: "We are not poor. This was not a question of life or death, but an obligation of good management. It is time for fiscal restraint and better economic management."

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