Paris Saint-Germain F.C. ownership and finances

During its first three years of existence, Paris Saint-Germain Football Club was fan-owned and had 20,000 socios. The club was run by board members Guy Crescent, Pierre-Étienne Guyot and Henri Patrelle. A group of wealthy French businessmen, led by Daniel Hechter and Francis Borelli, would then buy the club in 1973. PSG changed hands in 1991, when Canal+ took over, and then again in 2006, with the arrival of Colony Capital. Tamim bin Hamad Al Thani, ruler of Qatar, has been PSG's owner since 2011 through state-owned shareholding organization Qatar Sports Investments (QSI).

This page is about the ownership and finances of Paris Saint-Germain Football Club. For an overview of the club, see Paris Saint-Germain F.C.

Tamim bin Hamad Al Thani is the owner of the club.

This means that PSG are one of only two state-owned clubs in the world, along with Manchester City. As a result, PSG are also one of the richest clubs in the world. QSI, a subsidiary of the Qatar Investment Authority (QIA), became the club's majority shareholders in June 2011 and sole shareholders in March 2012. For his part, QSI chairman Nasser Al-Khelaifi has been PSG president since the takeover. Al Thani, however, has the final word on every major decision of the club. He is both the chairman of the QIA and the founder of QSI.

Upon their arrival, QSI pledged to form a team capable of winning the UEFA Champions League and making the club France's biggest name. Consequently, since the summer of 2011, Paris Saint-Germain have spent more than €1b on player transfers such as Thiago Silva, Zlatan Ibrahimović, Edinson Cavani, David Luiz, Neymar, Kylian Mbappé and Mauro Icardi. These massive expenditures have translated in PSG's domination of French football. However, they have not yet brought home the coveted UEFA Champions League trophy and have caused the capital club problems with UEFA and its Financial Fair Play regulations (FFP).

As of the 2019–20 season, PSG have the seventh-highest revenue in the footballing world with an annual revenue of €541m according to Deloitte, and are the world's eleventh most valuable football club, worth $1.092b according to Forbes. PSG's strong financial position has been sustained by the club's lucrative sponsorship deals with several commercial partners, including the Qatar Tourism Authority (QTA), Nike and ALL. Throughout their history, though, PSG has rarely been profitable. Prior to the Qatar buyout, the club's cumulative losses between 1998 and 2010 amounted to €300m.

Organizational chart
See also: List of Paris Saint-Germain F.C. presidents
Key figures
Position Name
Owner Tamim bin Hamad Al Thani
Majority shareholder Qatar Sports Investments
President Nasser Al-Khelaifi
Deputy general manager Jean-Claude Blanc
Secretary general Victoriano Melero
Sporting director Leonardo
Assistant sporting director Angelo Castellazzi

Tamim bin Hamad Al Thani, ruler of Qatar, has been the owner of Paris Saint-Germain since 2011.[1] Qatari state-owned Qatar Sports Investments (QSI), a subsidiary of the country's sovereign wealth fund Qatar Investment Authority (QIA), became the club's majority shareholders in June 2011 and sole shareholders in March 2012.[1][2][3] Al Thani established QSI in 2005 and is also the chairman of the board of directors of QSI's parent company QIA.[4] He has used the country's oil money to financially back the Parisian club through QSI, the QIA and other state-owned companies like the Qatar Tourism Authority (QTA), the Qatar National Bank (QNB) and Ooredoo.[5] As a result, PSG have been dubbed a “club-state.”[6][7][8]

Al Thani immediately named QSI chairman Nasser Al-Khelaifi as club president after the takeover.[9] Every major decision goes through Al-Khelaifi first, but Al Thani has the final word.[10] The latter pushed for the appointment of Leonardo as sporting director in 2011 and then again in 2019.[11] He green-lighted the transfers of Neymar and Kylian Mbappé in 2017 as well.[10] Al Thani even chose PSG's latest first-team coach Thomas Tuchel in replacement of Unai Emery in 2018. It was also him who demanded the dismissal of former coach Laurent Blanc in 2016 after PSG were eliminated from the UEFA Champions League by Manchester City, owned by emirate rival United Arab Emirates, even though Al-Khelaifi had recently renewed Blanc's contract.[10]

Al-Khelaifi, however, was behind the designations of sporting directors Olivier Létang (2013–2016), Patrick Kluivert (2016–2017) and Antero Henrique (2017–2019).[10] Since Al-Khelaifi holds many other positions, sporting director Leonardo and deputy general manager Jean-Claude Blanc are in charge in his absence.[10][11] Blanc already worked with Leonardo from 2011 to 2013 during the latter's first stint at the club.[11] After his return in 2019, Leonardo has complete control over the club's sporting area.[12] Backed by assistant sporting director Angelo Castellazzi, Leonardo manages the transfer market, the first team and the Paris Saint-Germain Youth Academy.[13][14] Jean-Claude Blanc, for his part, joined PSG in 2011 and oversees the general administration of the club.[10] Blanc focuses on PSG's commercial development (ticketing, merchandising, sponsorship, Parc des Princes redevelopment).[15]

Finally, secretary general Victoriano Melero, appointed in 2017, supervises the club's legal department under the direction of Jean-Claude Blanc.[16] He also handles PSG's issues concerning UEFA Financial Fair Play Regulations (FFP), defends players before disciplinary committees, and represents the club in front of the Ligue de Football Professionnel (LFP), the French Football Federation (FFF) and UEFA.[15]

History
See also: History of Paris Saint-Germain F.C.

From Hechter to Borelli (1970–1991)

Paris Saint-Germain have always been strongly linked with Real Madrid. Indeed, the Spanish side played a big role in the foundation of the Parisian club. Developing football in Paris was a great ambition in 1969, since the French capital did not have an elite football team.[17] Main backers Guy Crescent, Pierre-Étienne Guyot and Henri Patrelle were stuck with a problem related to the financing of the project until they met Real Madrid president Santiago Bernabéu.[17][3] The latter told them that starting a subscription campaign was the best solution.[17] After 20,000 subscriptions, Paris Saint-Germain were founded on 12 August 1970.[18] For the first time in French football history, the fans had financially contributed to the creation of a football club.[17]

During its first three years of existence, the club was fan-owned and had 20,000 socios.[18][19] At the time, the annual fee to become a socio was between 25 and 40 francs (between 4 and 6 euros).[19] PSG was run by board members Guy Crescent, Pierre-Étienne Guyot and Henri Patrelle until 1973.[17] That year, PSG accrued a considerable debt and PSG president Patrelle set out to look for financial aid. He found it in the form of French investor and fashion designer Daniel Hechter.[3][20] The latter took control of Paris Saint-Germain shortly after, becoming club president and naming fellow Frenchman Francis Borelli as vice-president. Borelli then assumed the presidency in 1978 after Hechter was banned for life from football by the French Football Federation (FFF).[3][21] He was found guilty of running a ticketing scheme at Parc des Princes.[22]

Former PSG president Michel Denisot.

PSG's first major trophies arrived during the tenure of Borelli, but he also left the club on the brink of insolvency.[3][23][24] Bought by French conglomerate Matra, the resurgent Matra Racing reached the top-flight in 1984 and went head to head with PSG for recognition as the capital's main sporting entity. Matra's experiment was short-lived, though, and by 1989 they returned to the lower leagues after bankrupting themselves.[22][23] Borelli, however, incurred serious debts and financial irregularities in an attempt to ensure PSG's dominance in Paris.[22][23][24] His mismanagement came to light in 1991 and, like Hechter before him, was forced by the FFF to resign.[22][24]

Canal+ and Colony Capital (1991–2011)

Eager to revive interest in Ligue 1 and lure more subscribers, French TV channel Canal+ bought PSG in May 1991.[3] Canal+ paid off the club's debt and saved it from bankruptcy.[3][24] Televised games became PSG's main source of income during a decade in which TV rights skyrocketed. As a result, PSG became one of the richest clubs in France.[3][25] The club's budget went from 90 to 120 million francs and star signings like Valdo, David Ginola, George Weah, Raí and Youri Djorkaeff ensured several trophies between 1993 and 1998.[3][25][24]

PSG adopted the status of Société Anonyme Sportive Professionnelle (SASP, i.e., professional sport limited company).[25][26] Canal+ became the majority shareholder in 1997 (56.7%) and then sole owner in 2005 after buying out the Association Paris Saint-Germain (34%) and historical club leaders Alain Cayzac, Bernard Brochand and Charles Talar (9.3%). The management of the club fell into the hands of several delegated presidents; Michel Denisot was the first as well as the most successful.[3][26]

When Michel Denisot left in 1998, PSG began to accumulate debt. Despite recapitalizing the club in 2004, it just kept rising. In the time period of 2004–2006, PSG was the only French club with a large amount of debt. Fortunately, this was somewhat helped by an increase in the club's turnover.[3] Led by players such as Marco Simone, Ronaldinho and Pauleta five more trophies arrived between 1998 and 2010, but PSG's on-field form slowly declined.[27] The club even spent two seasons staving off relegations that were only very narrowly avoided.[28]

Eventually, a split from Canal+ became inevitable.[27] In May 2006, Canal+ sold the club to investment firms Colony Capital, Butler Capital Partners and Morgan Stanley for €41m.[29] Colony would go on to buy the majority of shares between 2008 and 2009, becoming 95% owners of the club. Butler retained a 5% stake. After considerably reducing losses, Colony sent out a message in 2010, stating that they were looking for new investors to help make PSG a title contender in the coming years.[3]

Qatari takeover

Paris Saint-Germain finally restored balance in June 2011, when Tamim bin Hamad Al Thani, ruler of Qatar, bought 70% of the club's shares through state-owned shareholding organization Qatar Sports Investments (QSI).[1][8][6] Colony Capital (29%) and Butler (1%) remained minority shareholders.[1] In March 2012, QSI purchased the remaining 30% stake to become PSG's sole shareholder, valuing the club at €100m.[1][30] PSG thus became one of only two state-owned clubs and one of the wealthiest clubs in the world.[8][7] The other “club-state” are English side Manchester City, owned by Gulf rival United Arab Emirates.[31] Immediately after the takeover, QSI chairman Nasser Al-Khelaifi was named PSG president.[9]

Former French president and PSG fan Nicolas Sarkozy was a key figure in the club's purchase by QSI.

The strategy behind Qatar's buyout of PSG was presenting a worldwide image of itself as a great footballing nation before it stages the 2022 FIFA World Cup. In November 2010, right before the World Cup vote, UEFA president Michel Platini met at the Élysée Palace with French president Nicolas Sarkozy, the emir of Qatar Al Thani, and the Qatari prime minister. Sarkozy is a well-known supporter of PSG, which was then struggling financially under the ownership of Colony Capital. After that meeting, Platini changed his voting intention, from the US to Qatar, and six months later QSI bought PSG.[31]

Paris Saint-Germain went from Ligue 1 strugglers to one of Europe's elite clubs.[32] PSG owners have splashed out over €1b on players, making the club France's top team as well as UEFA Champions League contenders.[33] Since 2011 the club has dominated French football, but the Champions League has so far remained elusive.[33][32][34] PSG's massive expenditures have also brought the club several problems with UEFA and its Financial Fair Play regulations (FFP).[35]

First UEFA investigation

In August 2012, PSG signed a colossal nation branding agreement with the Qatar Tourism Authority (QTA) to promote Qatar. The Qatari government branch agreed to pay PSG €1.075b over five seasons, including €100m for the first season. Even though the agreement was made official in October 2013, the contract stipulated two retroactive payments of €100m and €200m for the 2011–12 and 2012–13 seasons, respectively, thus wiping their losses for that period.[35][36]

Pricey signings Thiago Silva, Zlatan Ibrahimović, Edinson Cavani and David Luiz arrived at the club, though not without consequences.[25] In October 2013, UEFA determined that the QTA deal — worth €200m per year and conveniently backdated to cover 2012 — was struck at an artificially-inflated price to help PSG get around UEFA Financial Fair Play Regulations (FFP), which aim to stop clubs spending more than they earn.[37][38]

In consequence, UEFA's Club Financial Control Body (CFCB) halved the value of the deal from €200m to €100m in April 2014.[37] UEFA's revised valuation saw PSG's deficit for the 2013–14 season reach €107m — more than double the amount allowed under FFP rules, which limit losses to €45m over the last two years.[37][39] Inevitably, UEFA punished PSG for violating FFP rules in May 2014.[38][40] FFP sanctions notably included a €60m fine, amongst other sporting and financial measures.[40] In September 2015, UEFA lifted the restrictions imposed on the Parisian club.[41] In August 2016, PSG and the QTA renewed their partnership until June 2019, after their initial four-year contract expired in June 2016.[42][43]

Second UEFA investigation

In August 2017, PSG activated the €222m release clause of Barcelona player Neymar, making him the most expensive transfer in football history.[44] Later that month, Kylian Mbappé joined PSG from AS Monaco on loan with option to buy for €145m. He became the second-most expensive player in the world when the deal was made permanent in July 2018. PSG could have to pay Monaco a further €35m (taking the transfer total to up to €180m) if they sell Mbappé before his contract ends in 2022 or if the player renews with the capital club.[45] UEFA immediately opened a new Financial Fair Play investigation into PSG.[46] In June 2018, UEFA cleared the club of breaching FFP rules for 2015, 2016 and 2017.[47]

PSG president Nasser Al-Khelaifi.

Despite avoiding sanctions, UEFA devalued the club's Qatar-based deals with the QTA, the Qatar National Bank (QNB) and Ooredoo. The QTA contract went from €100m to €58m.[5] UEFA also warned PSG that the QTA contract would not be taken into account beyond June 2019.[43] Finally, the club brought in the €50 million in player sales that UEFA demanded before the end of June 2018 to adjust to FFP.[47][48]

In September 2018, however, UEFA announced it would re-open the investigation into PSG over the three-year period of 2015–2017.[48] PSG appealed to the Court of Arbitration for Sport (CAS) in November 2018.[49] A few days later, UEFA temporarily suspended the investigation until CAS gives its judgment regarding PSG's appeal.[50] In March 2019, the CAS upheld PSG's appeal against UEFA regarding FFP. This meant that UEFA's original decision back in June 2018 was final, so PSG avoided FFP sanctions for 2015, 2016 and up until the summer of 2017.[51] However, the French outfit still needed to sell players to balance their books and avoid problems with UEFA's regulations. They accrued €66m and thus satisfied the €60m requirement in player sales set by UEFA before the end of June 2019.[52]

Nike and ALL deals

Under pressure from UEFA, Paris Saint-Germain did not renew their controversial seven-year nation branding agreement with the QTA when it expired in June 2019, embarking in the process of building a new business model to pursue the goal of economic emancipation from its Qatari owners.[43] Deprived of their most lucrative commercial partner since the Qatari takeover in 2011, PSG now relies on their recently signed partnerships with Nike (€80m/year until 2032) and ALL (€65m/year until 2032, undisclosed duration).[43]

In July 2019, however, L'Équipe revealed that the contract between PSG and the QTA could return, but in a new and less problematic form with UEFA's FFP rules. The French newspaper confirmed that negotiations were underway for a more classical collaboration, with much smaller amounts than before. PSG president Nasser Al-Khelaifi had also stated back in February 2019 that a renewal was possible, but not at the same price (reportedly between €5m and €10m a year).[53][54] As announced, the QTA made its comeback for an undisclosed new deal in late September 2019, being listed as premium partner in PSG's official website. The QNB also returned as premium partner and reappeared on the sleeves of the team's shirt.[55]

Financial status
Financial history since QSI
Season Net income Total revenue Club value Source
2011–12 – €5m €221m [56][57]
2012–13 – €4m €399m [56][57]
2013–14 – €0.3m €474m $415m [56][58][59]
2014–15 €11m €481m $634m [56][60][61]
2015–16 €10m €521m $814m [56][62][63]
2016–17 – €19m €486m $841m [56][64][65]
2017–18 €32m €542m $971m [56][66][67]
2018–19 €27m €636m $1.092b [56][68][69]
2019–20 €541m [70]

Performance

Throughout their history, Paris Saint-Germain have rarely been profitable.[71] Even though PSG started off well and recorded a profit of 1.5m francs during their inaugural 1970–71 season, this trend quickly reversed and the club's debt grew over the following years.[3][20] By the early 1990s, PSG was in severe financial trouble at that time.[24] The club had amassed a huge debt of 50 million francs, which the Paris City Council refused to pay.[3][23] Luckily, French TV channel Canal+ bought PSG in May 1991 and wiped out the club's debt.[3][24] With 40% of its income coming from televised games, PSG became one of the richest clubs in France.[25]

Between 1991 and 1998, PSG president Michel Denisot managed the club's finances really well aided by the increase in TV rights, the team's excellent sporting performances and the rise of the attendance at Parc des Princes.[3] The opening of the club's official store at the prestigious Champs-Élysées avenue in May 1998 was the crowning glory of a successful decade and marked the beginning of the PSG brand.[72] PSG even debuted in the top 20 of the Deloitte Football Money League in the 1997–98 season, being ranked 15th with a total revenue of €39m.[73] But after Denisot left later that month, the club went into decline and fell right off the list in 1998–99.[3][27][28]

PSG recorded a negative net income every season since 1998–99 with losses amounting to €298.2m at the end of 2010–11: €240m under Canal+'s ownership and €58.2m more with Colony Capital.[56][74][75] Likewise, the club had a total revenue of just €101m and was valued at only €100m in 2011.[30][56][76] This all changed when Tamim bin Hamad Al Thani, ruler of Qatar, bought PSG in June 2011 through state-owned shareholding organization Qatar Sports Investments (QSI).[1][71] The QSI deal covered €15–20m in debt and €19m in losses from the 2010–11 season.[77] Owned by the state of Qatar itself (annual GDP $100bn), the capital club became one of the wealthiest clubs in the world.[8][6]

Following the takeover, QSI chairman and new PSG president Nasser Al-Khelaifi announced plans of making the club profitable again, a feat not seen since the tenure of Michel Denisot in the 1990s. Al-Khelaifi entrusted this task to deputy general manager Jean-Claude Blanc.[75] Five years later, PSG turned a profit of €11m during the 2014–15 season. The club also recorded a positive net income in 2015–16, 2017–18 and 2018–19.[56] PSG returned to the Deloitte Football Money League in 2011–12, securing tenth place with a total revenue of €221m.[57] As of 2019–20, PSG have the seventh-highest revenue in the footballing world with an annual revenue of €541m according to Deloitte, and are the world's eleventh most valuable football club, worth $1.092b according to Forbes.[68][78] This financial growth has been mainly supported by the club's Qatari owners;[57] the team's on-pitch success;[34] high-profile signings such as Zlatan Ibrahimović, Thiago Silva, Edinson Cavani, Neymar, Kylian Mbappé and Mauro Icardi;[33][32][79] and big-money partnerships with the Qatar Tourism Authority (QTA), Nike and ALL.[43]

Sponsorships

The club classifies its commercial partners depending on the amount of money they pay per year to be associated with the Paris Saint-Germain brand.[80][81] These partnerships are spread in five different categories: "Top Sponsors" (Level 1), "Premium Partners" (Level 2), "Official Partners" (Level 3), "Official Suppliers" (Level 4) and "Regional Partners" (Level 5).[82] The capital club also has separate deals with Desports (€6m/year until 2021) and Air Jordan (€15m/year until 2021).[83][84]

Shirt sponsor ALL (€65m/year, undisclosed duration) and kit manufacturer Nike (€80m/year until 2032) are the club's "Top Sponsors".[82][43][85] Lower down the chain, Qatar National Bank pays €15m a year (undisclosed duration) for its logo to appear on the sleeves of the team's shirt as well as other branding around Parc des Princes.[55][80] Visit Rwanda's deal is worth about €12m per year until 2021. It includes branding on the player's warm-up jerseys and LED perimeter board signage around PSG's stadium.[86]

Ooredoo, for its part, pay €10m annually (undisclosed duration) for the naming rights deal of Camp des Loges, PSG's training facilities, now officially named Ooredoo Training Centre.[80] From August 2012 to June 2019, the club had a huge nation branding agreement with the Qatar Tourism Authority (QTA).[43] The latter returned as premium partner in September 2019 for a new, lower-priced undisclosed deal said to be around €5m and €10m a year.[54][55] Qatar Airways (€5m~€10m/year until 2022) and Renault (€6m/year until June 2021) are the club's official airline partner and official automobile partner, respectively.[87][88] Another notable deal is that of Deliveroo (€4m/year until June 2022).[89]

Uniform partnerships
Main partners since 1970
Period Shirt sponsor Kit manufacturer
1970–1972 None Le Coq Sportif
1972–1973 Montreal
1973–1974 Canada Dry
1974–1975 RTL
1975–1976 Kopa
1976–1977 Le Coq Sportif
1977–1978 Pony
1978–1986 Le Coq Sportif
1986–1988 RTL / Canal+ Adidas
1988–1989 RTL / La Cinq
1989–1990 RTL / TDK Nike
1990–1991 RTL / Alain Afflelou
1991–1992 Commodore / Müller
1992–1993 Commodore / Tourtel
1993–1994 Commodore (or Amiga) / Tourtel / SEAT
1994–1995 SEAT / Tourtel / Lipton
1995–2002 Opel (or Corsa)
2002–2006 Thomson
2006–2019 Fly Emirates
2019– Accor Live Limitless

Shirt sponsor

Paris Saint-Germain didn't have a shirt sponsor during their first two seasons. The club's maiden shirt sponsorship deal was signed with Montreal in 1972–73.[90] Ambitious new PSG president Daniel Hechter pledged to achieve Ligue 1 promotion at the end of 1973–74 and, with the help of Bernard Brochand, set out to look for new sponsors. He signed a shirt sponsorship deal with Canada Dry — the biggest contract ever signed by a second-tier club at the time — and reached an agreement with RTL worth 1.2m francs on the condition PSG would reach the top flight.[21] PSG did so and the RTL partnership began in 1974–75.[90] It lasted until 1990–91.[91]

From 1986 to 1995, the club had two sponsors or more in its shirts. Brands from this period included RTL, Canal+, La Cinq, TDK, Alain Afflelou, Commodore (or its family of personal computers Amiga), Müller, Tourtel, SEAT and Lipton.[91][92] Opel (or its supermini car Corsa) marked the end of this trend in the 1995–1996 season, assuming shirt sponsorship duties until 2001–02.[93][94] Next was Thomson between 2002 and 2006, and then came Fly Emirates.[84][95] The Dubai-based airline appeared on PSG's shirt until 2018–19 season, after which French hospitality company ALL took over as shirt sponsor.[84][96]

The three-year sponsorship deal between PSG and ALL was announced in February 2019. It has an additional three-year renewal option.[97] Starting in the 2019–20 campaign, PSG will have AccorHotels' Accor Live Limitless (ALL) lifestyle loyalty platform on the front of their shirts.[84] ALL will reportedly pay the club around €65m each year.[43] The ALL agreement is almost double the figure that Emirates paid PSG – approximately €25m per year.[98]

Kit manufacturer

French sportswear brand Le Coq Sportif was the club's first kit manufacturer during its inaugural 1970–1971 season. They have assumed kit supply duties in three occasions: from 1970 until 1975, for the 1976–1977 campaign, and between 1978 and 1986.[99] In between, Kopa and Pony briefly took charge of the kits for the 1975–1976 and 1977–78 seasons, respectively. In 1986, Adidas became the kit manufacturer. The partnership lasted until 1989, when the Parisian club signed with Nike.[90]

Nike and Paris Saint-Germain have been partners since the 1989–90 season. In December 2013, Nike announced the renewal of its partnership with PSG until the end of the 2021–22 campaign.[100] Nike increased the €6.5m annual commitment it had with the club to €25m.[84][101] During the 2017–18 season, PSG sold nearly 900.000 shirts, pocketing around €55m in revenue. This number is eleven more times the average 80.000 shirts they sold per season between 2006 and 2011. It's also four times more than the 250.000 shirts sold during the 2011–12 season, the first one under new majority shareholder Qatar Sports Investments (QSI).[102][103]

In late June 2019, Paris Saint-Germain announced a long-term contract extension with kit manufacturer Nike, which is now one of European football's most lucrative and the biggest sponsorship agreement in the club's history.[104] PSG are tied to the American brand until 2032 and will more than triple their previous €25m deal with an annual figure in excess of €80 million.[84][104] PSG said the new Nike deal will cover the men's and women's football teams, as well as their handball outfit.[104]

Transfer activity
Further information: List of Paris Saint-Germain F.C. records and statistics § Transfers, and List of most expensive association football transfers

Before QSI

Paris Saint-Germain have splashed out €1.311,1b on transfers since majority shareholder Qatar Sports Investments (QSI) took over ahead of the 2011–12 season.[32][33][105] PSG are not new to lavish transfers, though. Bankrolled by club president Daniel Hechter, the Parisians paid a then French record 1.4m francs for Algerian star Mustapha Dahleb in July 1974, shortly after securing top-tier status.[21] Three years later, Argentine striker Carlos Bianchi arrived at the Parc des Princes for a fee believed to have been worth 1.5m francs. He was Hechter's final signing as PSG president. The French Football Federation relieved him of his duties and banned him for life in January 1978 because of his involvement in a corruption scandal.[106]

During the 1990s and 2000s, although to a lesser extent, the club also made waves in the transfer market. Backed by French TV giants Canal+ and then by American investment firm Colony Capital, PSG signed world-class players like George Weah, David Ginola, Ricardo, Valdo, Raí, Youri Djorkaeff, Leonardo, Marco Simone, Ronaldinho, Pauleta, Jay-Jay Okocha and Nicolas Anelka.[24][27] Anelka, Okocha and Pauleta were the club's three most expensive pre-Qatari arrivals, with the former two establishing records in France at the time of their transfers. PSG signed Okocha from Fenerbahçe for €12.4m in August 1998 and then paid Real Madrid €34.5m for Anelka in July 2000. Pauleta completed the podium after his €11m move from Bordeaux in July 2003. Anelka would remain the club's record purchase until the QSI era.[107]

After QSI
Neymar during his PSG presentation in 2017.

Following their takeover by QSI in June 2011, the capital side broke the French record transfer after buying Argentine playmaker Javier Pastore from Palermo in August 2011.[108][109] This fee was matched by Thiago Silva, who signed from Milan in July 2012, and then eclipsed by the €64.5m capture of Edinson Cavani from Napoli in July 2013. The club also spent heavily on several other stars, including Zlatan Ibrahimović, David Luiz and Ángel Di María.[25][79] On the other hand, Ronaldinho, sold for €32.25m to Barcelona in July 2003, was PSG's record departure until he was surpassed by David Luiz and Gonçalo Guedes. Chelsea paid €35m for Luiz in August 2016, while Valencia acquired Guedes for €40m in August 2018.[110]

Cavani was dethroned in August 2017, when PSG smashed the world transfer record.[111] Dubbed by some media outlets as “the transfer of the century,” Brazil leading man Neymar became football's most expensive signing ever when PSG activated his €222m release clause to snatch him from Barcelona.[44] Young French sensation Kylian Mbappé joined him later that month from AS Monaco on an initial loan with option to buy for €145m.[45] Mbappé's deal was made permanent in July 2018, making him the world's second-most expensive player and priciest teenager.[45][111] Monaco could collect an additional €35m (for a total of €180m) if Mbappé is sold by PSG before the end of his contract in 2022 or if he extends his current deal with the club.[45] The transfers of Neymar and Mbappé each costed more than the €100m QSI originally invested to buy PSG as a whole.[30]

Since then, PSG have had to drastically reduce their spending on transfers due to budget constraints imposed by UEFA's Financial Fair Play (FFP). In the summer of 2019, the Red and Blues racked up a total of €110m in sales and only spent €95m in signings. This was the first time since QSI became club owners that PSG recorded a profit in the transfer market, boasting a €15m positive balance between income and expenditures.[105] The global economic crisis that followed the COVID-19 pandemic has also made it difficult for PSG to reinforce their squad ahead of the 2020–21 campaign.[112] In fact, PSG have only spent big on Argentine forward Mauro Icardi, activating his €50m option to buy in May 2020.[79][112]

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