PARIS (AP) — Storied French club Lyon won its appeal against relegation on Wednesday and will stay in Ligue 1 next season.

The seven-time French champion was relegated to the second tier two weeks ago by the French league's soccer watchdog, known as DNCG, because of ongoing financial irregularities and debts estimated at at 175 million euros ($203 million).

Lyon immediately appealed and presented its case before the DNCG on Wednesday.

"Olympique Lyonnais welcomes today's decision by the DNCG to keep the club in Ligue 1," Lyon said in a statement. "(Lyon) thanks the appeals committee for recognizing the ambition of the club's new management, (which is) determined to ensure serious management in the future."

Last Wednesday, American businesswoman Michele Kangtook over as president after John Textor resigned following the club's relegation.

Lyon added that Textor has also resigned from the board of directors. He became Lyon president three years ago, taking over from longstanding incumbent Jean-Michel Aulas, who sold to Textor's Eagle Football Holdings.

The 66-year-old Kang is supported in her role by Michael Gerlinger, the general manager of Eagle Football Holdings.

"The new management, supported by the commitment and dedication of our shareholders and lenders, is extremely grateful for all the support received both within and outside the club," Lyon added. "Today's decision is the first step in restoring confidence in Olympique Lyonnais. We can now focus our attention on our sporting objectives, fully preparing for next season."

Wednesday's verdict also ensures Lyon plays in the Europa League next season after qualifying with a sixth-placed finish in Ligue 1 last season.

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