PARIS Saint-Germain have certainly changed from the days when they fielded teams of hired guns and huge egos, a subtle transformation that brought them the UEFA Champions League for the first time in 2024-25. With younger players, many of them French, and fewer spotlight-hogging individuals, PSG have become more successful and, dare one say, more likeable. In the last two seasons under Luis Enrique, they have won the double in 2024 and the treble in 2024-25 and they seem to have a smile on their faces.
But despite the culture of success that is now firmly embedded in the club, PSG cannot turn a profit, despite making record revenues of € 837 million in the 2024-25 season. Since Qatar Sports Investments (QSI) took control of the club in 2011, revenues have grown ninefold from € 99 million to € 837 million. This was on the back of an outstanding campaign and a reduced wage bill. In the past, PSG were paying out over 100% of income, but their wage-to-income ratio has been reduced to below 65%, no doubt due to the absence of “galactico” players as well as a prudent strategy around cost management. PSG now have one of the youngest squads in Ligue 1 with an average age of around 23.6 years.
PSG’s commercial income amounted to € 367 million with online sales of merchandise and other products up by 210% and in-store activity growing by 90%. They have, to a certain degree, become a “lifestyle” brand in Europe. The club continues to pack-out the Parc des Princes, with an average gate of over 47,000 and season ticket renewals close to 100%. Matchday earnings for 2024-25 totalled € 175 million but the club is looking at ways to drive up income from this stream. It is fairly clear that PSG need a bigger stadium and plans are afoot to move the club from the 16th arrondissement to a new location with a capacity of between 60,000 and 90,000. Several possibilities have emerged, but the most likely destinations are Massy in the southern suburbs of Paris or Poissy on the western edge of the city. The club’s current lease of the Parc des Princes runs to 2043, but if they want to leverage their huge success and grow their fanbase, a move may be the only option. The Paris City Council has refused to sell the stadium to the club and QSI are unwilling to spend money on improvements without owning the Parc des Princes.
Unsurprisingly, PSG continue to be very active in the transfer market and were the fourth highest spenders in Europe with gross outlay of € 245 million and a net spend of € 100 million. Their biggest transfers were the € 70 million paid to Napoli for Khvicha Kvaratskhelia and the € 59 million it cost to acquire João Neves from Benfica. They recouped around € 140 million from the sale of half a dozen players, including Xavi Simons to RB Leipzig and Manuel Ugarte to Manchester United. Their squad is valued at over € 1 billion by Transfermarkt, around three times the value of the next Ligue 1 club, Marseille.
The club made a loss for the year but have yet to disclose just how much, although it does mean they have not been profitable for six consecutive years following a period in which they generated profits in four of the previous five seasons.
PSG have now achieved QSI’s ambitions for the club when they rolled into Paris, the question is, what’s next for the European champions? They are among the top four or five clubs in Europe, they are incredible successful and they also have the latest Ballon d’Or winner, Ousmane Dembélé, in their ranks. The next task may be to make Paris as important to the game as Madrid and Barcelona; for that to happen, French capital needs to be more than a one-club city.
Game of the People was founded in 2012 and is ranked among the 100 best football websites by various sources. The site consistently wins awards for its work, across a broad range of subjects. [View all posts by Neil Fredrik Jensen](https://gameofthepeople.com/author/georgefjord/)