Report: Debt Of Ligue 1 Teams Increased In '12-13 To Cumulative Loss Of Nearly $104M
French football "is still in the red as all Ligue 1 clubs saw its debt increase at the end of last year, compared to the previous season," according to SPORTS. Ligue 1 "continues to show negative financial results." French newspaper Les Echos, which got its hand on the provisional accounts of the Professional Football League (LFP), reported that "the cumulative loss of 20 elite teams" would be between €70M-€80M ($91M-$104M). At the end of the '11-12 fiscal year, the clubs' debt amounted to just more than €60M. Reports suggested that only three Ligue 1 club "could boast of a positive operating result" (SPORTS, 7/15). LA AFICION reported the league's revenue increased 11.4% to €1.27B ($1.66B), which was primarily explained by Paris St. Germain's image rights contract with the Qatar Tourism Authority (LA AFICION, 7/15).