French football is facing a profound crisis. Data presented by the DNCG (Direction Nationale du Contrôle de Gestion) outlines a worrying picture, particularly regarding the system’s financial stability. At the heart of the discussion—highlighting the criticality of this moment—lies one of the pillars of the football industry: broadcasting rights. The collapse in value of the domestic package has generated massive losses for numerous clubs, many of which are now heavily dependent on European competitions to offset the shortcomings of the internal market.

The results are plain to see: seven clubs reported losses exceeding €25 million, compared to four in the previous year. This figure is even more concerning when contrasted with the decrease in clubs reporting a profit—down to seven from nine. In this complex context, the health of TV rights appears compromised. But what is really happening in France?

CVC and Broadcasting rights: Ligue 1 loses value as investors retreat

This drastic downsizing was highlighted in recent months by L’Équipe, which analyzed the significant devaluation implemented by the investment fund CVC. Having entered French football in 2022 by acquiring 13% of LFP Media for €1.5 billion, the fund has reportedly decided to reduce the value of its commercial stake by 73%, now estimating it at around €200 million.

This decision stems from the disappointing results in the sale of league rights and the subsequent devaluation of the entire Ligue 1 product. The current value is estimated at approximately €150 million—a staggering distance from the €1 billion initially projected by the LFP. The bad news doesn’t end there: following Canal+’s refusal to return to the table (standing firm due to the Mediapro dispute dating back to the pre-pandemic era), Ligue 1 must also forfeit the €78.5 million from BeIN Sports. This withdrawal will lead to a further reduction in funds destined for clubs, currently estimated at a loss of €142 million.

UEFA Competitions: a lifeline for participating Ligue 1 clubs

Given the current climate, dependence on UEFA competitions has become a determining factor for many clubs. The case of Paris Saint-Germain, the reigning European champion and the flagship of the entire movement, serves as clear evidence. The Parisians earned €154.2 million from the continental confederation—over 75% more than their domestic earnings.

The situation is similar for Lille, who earned €78.7 million from their European campaign and only €13.4 million from the league. Even more stark is the gap for Brest, who earned €51 million from the Champions League compared to just €8.2 million from Ligue 1—an 84% difference between the two competitions.

The DNCG report clearly shows that for the 2024/2025 season, at least 66% of the TV revenue for clubs involved in European cups will come directly from UEFA. This condition serves as the final confirmation of a national system in extreme distress, forced to confront the urgent need for structural change.