The Political Economy of Football V2

The Deloitte Money League for 2026 has been published.  The cumulative revenue of the Money League clubs grew by 11%, rising to €12.4 billion (2023/24: €11.2 billion). Matchday (€2.4 billion), broadcast (€4.7 billion) and commercial (€5.3 billion) revenues all grew to record levels, as the latter became the first revenue stream to exceed €5 billion. For the third consecutive year, commercial revenue represented the most significant proportion of total revenue for Money League clubs, generating an average of €265m (2025: €244m). The key drivers for this included improved retail performance, increasing sponsorship revenue, as well as the use of stadia and surrounds on non-matchdays. The latter represents a significant shift in the business models of certain clubs to focus on greater utilisation of stadia assets through a diversified entertainment offering. On-site breweries, restaurants, hotels, and other offerings are therefore becoming more common, demonstrating the importance ...

Long known for their “Galacticos” model, PSG have dramatically changed their strategy in the last couple of years, following the departure of Lionel Messi, Neymar and Kylian Mbappé, replacing their expensive superstars with younger, hungrier players, as manager Luis Enrique has implemented his playing style. Despite all the upheaval, PSG have once again won the league this season, which is their 11th title in the past 13 years (and their fourth in a row), while also reaching the final of the Coupe de France against Reims. Success in Europe’s leading competition would be the icing on the cake for the club’s owners, Qatar Sports Investments (QSI), a subsidiary of Qatar's sovereign wealth fund Qatar Investment Authority (QIA). They acquired PSG back in 2011, instantly making the club by far the richest in France and one of the wealthiest in the world. Big losses However, they have posted huge losses in recent years, which means that they have struggled to comply with UEFA’s...

While many clubs’ ascent to European competition has been driven by deep-pocketed owners, Brest’s uptick in fortunes has relied on canny use of its small budget and a focus on experienced players.  Its old-school model of local owners and prudent transfers is the antithesis of cash-rich clubs such as Paris Saint-Germain. To stay in Europe’s elite club competition, “the Pirates” face a tough second-leg match at PSG next week. The team lost the first-leg to its French rivals 3-0. The tie highlights the stark disparities between the tournament’s biggest and smallest teams.  Over the past decade, Qatar-owned PSG has spent close to €2bn on transfers, according to Transfermarkt — 40 times more than the Britanny club. Brest reported revenue of €51mn for 2022-23, a fraction of the €807mn earned by its Parisian rival over the same season. Stade Brestois 29, the club’s full name, has a loyal fan base in the rainy industrial port with working-class roots. Yet the team’s success has s...

French football club Olympique Lyonnais has warned that any major delay or failure to raise additional funds could threaten its ability to continue as a going concern, less than two years after it was bought by a US businessman in a deal largely financed by investment group Ares. Eagle Football Group (EFG), the Euronext-listed entity that houses Lyon, said late on Wednesday that any “material delay” or “non-fulfilment” of a series of planned cash injections could raise “issues” with its status as a going concern. The company, part of a football empire built by US tech entrepreneur John Textor, said its auditors were considering issuing a qualified opinion on its accounts, after being unable to assess the “reasonableness” of several assumptions. The EFG board said it had prepared its financial statements on a going concern basis based on a set of expectations, including that the company would receive up to €40mn from the planned sale of Textor’s stake in Premier League club Crystal Pa...