LR Senator Michel Savin, rapporteur of the commission of inquiry opened by the Senate on the financialization of French football, was expected this Thursday, September 12 at the headquarters of the Professional Football League (LFP) and its commercial subsidiary LFP Media, for a “documentary and on-site check”. Endowed with specific powers of investigation, the Culture, Education, Communication and Sport Committee of the Upper House has been seeking to shed light since April on the conditions of the agreement between the LFP and the Luxembourg investment fund CVC Capital Partners, which provides for the sale of 13.04% of the shares of the commercial company held by the league in exchange for 1.5 billion euros.
The LFP is responsible for ensuring the sale of TV broadcasting rights for the French championship. The Covid crisis, but especially the Mediapro fiasco, purchaser of the broadcasting rights for Ligue 1 and Ligue 2 matches for the 2020-2021 season, ultimately unable to pay the LFP the negotiated amounts, has increased the financial difficulties of French clubs. The league hoped to bail itself out by selling dividends on its future profits, but the conditions of the agreement concluded with CVC have attracted much criticism.
The senators are particularly questioning the “added value” brought by this agreement to the clubs and to the revaluation of the championship. The inquiry committee has already heard from various French football officials, including Vincent Labrune, president of the Professional Football League on June 26, who was re-elected to this position on Tuesday.
Senator Michel Savin “will question the representatives of the LFP and LFP Media on their operating costs and governance, as well as on the consequences of the recent allocation of TV rights for the championship at a price much lower than expected,” states a Senate press release. Following this audit, the rapporteur will give a press conference at 4 p.m. in the Senate.
