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PSG in transition

France’s most successful club, Paris Saint-Germain, is in transition, and hopes to replace some outgoing players with talent from its youth academy — a way to cut costs and reconnect with the increasingly disgruntled fans.

Uefa’s new spending rules have helped force PSG’s hand. Starting next season, clubs competing in European competitions must limit spending on players and coaching staff to 90 per cent of revenue, a figure that will gradually drop to 70 per cent.

Across Europe, PSG is the club most in need of belt tightening. The wage bill hit 109 per cent of revenue last year, according to figures from data provider Football Benchmark.

The overhaul at PSG has major implications for French football. According to estimates from sports intelligence provider Twenty First Group, PSG’s chances of winning the league next season drop from 59 per cent to 42 per cent without Messi and Neymar. That introduces a level of competitiveness sorely lacking in Ligue 1, making it more exciting and potentially boosting interest over the long-term.

However, PSG is the only French club with global reach and household names on the team sheet. Just as Ligue 1 puts its broadcast rights out to tender, French football is about to lose some of its greatest marketing assets.

The exodus also raises questions about PSG’s plans to raise new capital. The Qatari owners have been in talks to sell a stake in the club since last year, with a target valuation of over €4bn.

The club still doesn’t own its stadium, and with a dwindling roster of big brand players, investors might wonder what exactly they are buying into.

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