Benrahma had initially moved to OL in January on-loan with an option to buy.
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Lyon have now announced they've triggered the option. They willl pay £12.3m. The loan itself cost £5.1m - meaning the total price tag lands at £17.4m
The winger has signed a contract with Lyon that runs until the summer of 2027 with an option for another year.
West Ham have also secured a 10 per cent resale clause.
Benrahma scored three goals and made four assists in 15 competitive games for Lyon last term.