Great excitement
Corruption? Raid on France’s league association
A bombshell in the country of the runner-up in the World Cup: in France, a raid is underway at the LFP soccer league association and the financial investor CVC on suspicion of misappropriation of public funds and corruption!
The searches follow investigations launched in July into the financial investor's involvement in the marketing of the TV rights for the French soccer league Ligue 1 in 2022, according to the financial prosecutor's office in Paris.
High bonuses from the deal with CVC?
According to media reports, the investigators also moved in on league president Vincent Labrune. The raid took place six days after a report was presented to the Paris Senate, according to which the league executives received high bonuses from the deal with CVC and therefore had a personal interest in the deal. Labrune is said to have received a bonus of three million euros and his annual salary tripled to 1.2 million euros.
Allegation of misappropriation of public funds
The investigation was triggered by a complaint from the anti-corruption association "AC!" at the end of 2023, which alleged the misappropriation of public funds when the LFP subsidiary responsible for marketing the TV rights was founded, according to the public prosecutor's office.
CVC had purchased 13% of the shares in the newly founded LFP subsidiary for around EUR 1.5 billion in 2022 - in return, 13% of the marketing revenues flow to the investor in accordance with the sales agreement. Two years after the much-discussed entry of the investor, Ligue 1 sold its TV rights this summer to the streaming service DAZN and the Qatari broadcaster beIN Sports from the coming season.
The deal was criticized in France because it will only generate around 500 million euros per season for the league. This is far below the expectations that were formulated when the investor CVC entered the market.
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