Lyon's American owner John Textor hits back after French soccer watchdog limits transfer business

abcnews.go.com:

Lyon owner John Textor has attacked a decision by French football’s financial watchdog to monitor the club’s transfer activities this season

PARIS — Lyon owner John Textor has attacked a decision by French football’s financial watchdog to monitor the club's transfer activities this season.

The American businessman, who also has stakes in Premier League team Crystal Palace, Belgian second-division club RWD Molenbeek and Brazil's Botafogo, made clear his frustration in a “Welcome to France” message that he posted on his website.

Textor said the club took note of the French Football Federation's confirmation on Tuesday of the initial opinion delivered by the DNCG watchdog. Lyon (OL) will be authorized to hire new players but its moves on the market will be limited under “a framework for wage costs and transfer indemnities.”

That will likely hamper its summer recruiting.

The DNCG ruled that Lyon did not provide sufficient financial guarantees despite the OL group's latest arguments.

“In addition to the presentation of our budget and business strategy, OLG management also offered new elements, as previously requested by the DNCG, providing proof of funds showing my deposit of 60 million euros ($67 million)," Textor said.

“We do not believe this capital should be necessary, but it has been set aside, out of respect for the DNCG, as an additional assurance that OLG is well-capitalized, even under the most conservative projection scenarios,” Textor added.

Textor became Lyon's main shareholder last year and was appointed as chief executive officer of OL Group in May with Lyon’s iconic Jean-Michel Aulas stepping down as president.

Textor’s Eagle Football acquired a stake of 77.49% in the club, pledging in December to provide a