French football is going through one of the most complex moments in its recent history. In the 2024-2025 season, clubs in Ligue 1 and Ligue 2 recorded losses of €542 million, doubling the deficit from the previous campaign and highlighting an increasingly strained model. Over the past decade, the accumulated deficit has already surpassed €3 billion, reflecting a structural fragility that goes beyond temporary challenges.

In this context, the Ligue de Football Professionnel is trying to sustain an ecosystem heavily dependent on audiovisual revenues, while seeking new ways to attract partners and investment. However, declining income, the end of strategic agreements, and growing regulatory pressure have exposed a system that, despite its ability to produce talent, has yet to achieve a sustainable financial balance.

A model in crisis: falling revenues and structural dependence

The economic downturn in French football is largely explained by the sharp drop in ordinary revenues, which fell by 18% in the last season. The audiovisual crisis, marked by uncertainty in broadcasting contracts and the need to launch an in-house platform to avoid a blackout, has weakened one of the industry’s key pillars. This is compounded by the end of financial backing from CVC Capital Partners, whose €1.5 billion investment between 2022 and 2024 now also represents a future obligation for clubs.

The impact is evident in figures that have returned to pandemic-era levels: the combined revenue of both leagues fell to €2.36 billion, with a significant reduction in extraordinary income and declining TV revenues. While other major European leagues continue to grow through commercial and matchday income, French football has barely expanded in these areas, revealing a competitive stagnation that limits its international projection.

Inequality, talent export, and clubs in the red

The crisis does not affect all clubs equally, but it does expose strong internal inequality. Historic clubs such as Olympique de Lyon and Olympique de Marseille have accumulated significant losses, while Paris Saint-Germain, despite its strong revenue-generating capacity, also closed in the red. In contrast, LOSC Lille stands out as an exception, posting profits thanks to a model built on European competition participation and player transfers.

Transfers, in fact, have become the main financial lifeline. The constant export of talent —especially to leagues like the English Premier League— pushed transfer income up to €886 million, making it the most important revenue stream. However, this dependence also raises questions about the sustainability of a model that sells its primary asset to survive, while divisions like Ligue 2 face an even more fragile scenario, with declining attendance and increasingly strained financial structures.