Paris Saint-Germain F.C. ownership and finances

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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.

Visita Oficial del Emir de Qatar.
Tamim bin Hamad Al Thani, the Emir of Qatar and PSG owner.

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, the Emir of Qatar, has been PSG's owner since 2011 through state-run shareholding organization Qatar Sports Investments (QSI).

A subsidiary of Qatar's sovereign wealth fund Qatar Investment Authority (QIA), QSI became the club's majority shareholders in June 2011 and sole shareholders in March 2012. This means PSG are a state-owned club, the only of its kind, and thus one of the richest teams in the world. 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 its arrival, QSI pledged to form a team capable of winning the UEFA Champions League and making the club France's biggest name. PSG have spent over €1.3bn on player transfers since the summer of 2011. These massive expenditures have translated in PSG's domination of French football but have not yet brought home the coveted Champions League trophy as well as causing problems with UEFA's Financial Fair Play regulations.

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 ninth most valuable football club, worth $2.5bn according to Forbes. PSG's strong financial position has been sustained by the club's Qatari owners; the team's on-pitch success; high-profile signings like Zlatan Ibrahimović, David Beckham, Neymar, Kylian Mbappé and Lionel Messi; and lucrative sponsorship deals with the Qatar Tourism Authority, Nike, Accor and Air Jordan. Throughout their history, though, PSG have rarely been profitable. Prior to the Qatar buyout, the club's cumulative losses amounted to €300m.

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.[1] 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.[1][2] The latter told them that starting a subscription campaign was the best solution.[1] After 20,000 subscriptions, Paris Saint-Germain were founded on 12 August 1970.[3] For the first time in French football history, the fans had financially contributed to the creation of a football club.[1]

During its first three years of existence, the club was fan-owned and had 20,000 socios.[3][4] At the time, the annual fee to become a socio was between 25 and 40 francs (between 4 and 6 euros).[4] PSG was run by board members Crescent, Guyot and Patrelle until 1973.[1] 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.[2][5] 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).[2][6] He was found guilty of running a ticketing scheme at the Parc des Princes.[7]

Michel Denisot au festival de Cannes.
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.[2][8][9] 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.[7][8] Borelli, however, incurred serious debts and financial irregularities in an attempt to ensure PSG's dominance in Paris.[7][8][9] His mismanagement came to light in 1991 and, like Hechter before him, was forced by the FFF to resign.[7][9]

Canal+ and Colony Capital (1991–2011)[]

Eager to revive interest in Ligue 1 and lure more subscribers, French premium television channel Canal+ bought PSG in May 1991.[2] Canal+ paid off the club's debt and saved it from bankruptcy.[2][9] 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.[2] 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.[2][9]

PSG adopted the status of Société Anonyme Sportive Professionnelle (SASP, i.e., professional sport limited company).[10] 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.[2][10]

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.[2] 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.[11] The club even spent two seasons staving off relegations that were only very narrowly avoided.[11][12]

Eventually, a split from Canal+ became inevitable.[11] In May 2006, Canal+ sold the club to investment firms Colony Capital, Butler Capital Partners and Morgan Stanley for €41m.[13] 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.[2]

Qatar Sports Investments (2011–present)[]

Qatari takeover[]

Paris Saint-Germain finally restored balance in June 2011, when Tamim bin Hamad Al Thani, the Emir of Qatar, bought 70% of the club's shares through state-run shareholding organization Qatar Sports Investments (QSI), a subsidiary of Qatar Investment Authority (QIA), the country's sovereign wealth fund.[14] Colony Capital (29%) and Butler (1%) remained minority shareholders.[14] Al Thani immediately named QSI chairman Nasser Al-Khelaifi as club president after the takeover.[15] Every major decision goes through Al-Khelaifi first, but Al Thani has the final word.[16] In March 2012, QSI purchased the remaining 30% stake to become PSG's sole shareholder, valuing the club at €100m.[2][14][17]

Al Thani established QSI in 2005 and is also the chairman of the board of directors of QSI's parent company QIA.[18] He has used the country's oil money to financially back the Parisian club through QSI, the QIA and other state-run companies like the Qatar Tourism Authority (QTA), the Qatar National Bank (QNB) and Ooredoo.[19] PSG are therefore a state-owned club, which makes them one of the wealthiest teams in the world.[20][21][22][23]

discours sur les territoires ruraux, Morée, 2010.
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.[23]

Paris Saint-Germain went from Ligue 1 strugglers to one of Europe's elite clubs.[24] PSG owners have splashed out over €1b on players, making the club France's top team as well as UEFA Champions League contenders.[25] Since 2011 the club has dominated French football, but the Champions League has so far remained elusive.[24][25] PSG's massive expenditures have also brought the club several problems with UEFA and its Financial Fair Play regulations (FFP).[26]

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.[26][27]

Pricey signings Thiago Silva, Zlatan Ibrahimović, Edinson Cavani and David Luiz arrived at the club, though not without consequences.[24] 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.[28][29]

In consequence, UEFA's Club Financial Control Body (CFCB) halved the value of the deal from €200m to €100m in April 2014.[28] 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.[28][30] Inevitably, UEFA punished PSG for violating FFP rules in May 2014.[29][31] FFP sanctions notably included a €60m fine, amongst other sporting and financial measures.[31] In September 2015, UEFA lifted the restrictions imposed on the Parisian club.[32] In August 2016, PSG and the QTA renewed their partnership until June 2019, after their initial four-year contract expired in June 2016.[33][34]

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.[35] Later that month, Kylian Mbappé joined PSG from 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 would 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.[36] UEFA immediately opened a new Financial Fair Play investigation into PSG.[37] In June 2018, UEFA cleared the club of breaching FFP rules for 2015, 2016 and 2017.[38]

Nasser Al-Khelaïfi, president of Paris Saint-Germain.
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.[19] UEFA also warned PSG that the QTA contract would not be taken into account beyond June 2019.[34] Finally, the club brought in the €50 million in player sales that UEFA demanded before the end of June 2018 to adjust to FFP.[38][39]

In September 2018, however, UEFA announced it would re-open the investigation into PSG over the three-year period of 2015–2017.[39] PSG appealed to the Court of Arbitration for Sport (CAS) in November 2018.[40] A few days later, UEFA temporarily suspended the investigation until CAS gives its judgment regarding PSG's appeal.[41] 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.[42] 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.[43]

Nike, ALL and Air Jordan 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. After being deprived of their most lucrative commercial partner since the Qatari takeover in 2011, PSG have relied on their newly-signed partnerships with Nike (€80m/year, 2019–2032), Accor (€65m/year, 2019–2022) and Air Jordan (€67m/year, 2018–2022).[34][44][45]

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).[46][47] 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.[48]

Financial status[]

Performance[]

Throughout their history, Paris Saint-Germain have rarely been profitable.[65] Despite recording 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.[2][5] By the early 1990s, PSG was in severe financial trouble at that time.[9] The club had amassed a huge debt of 50 million francs, which the Paris City Council refused to pay.[2][8] Luckily, French TV channel Canal+ bought PSG in May 1991 and wiped it out.[2][9] With 40% of its income coming from televised games, PSG became one of the richest clubs in France.[2]

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 the Parc des Princes.[2] 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.[66] The club 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.[67] But, after Denisot's departure at the end of that campaign, PSG went into decline and fell right off the list in 1998–99.[2][11]

Zlatan Ibrahimović was the club's first high-profile signing in 2012.

PSG recorded a negative net income every season since 1998–99 with losses amounting to nearly €300m at the end of 2010–11: €240m under Canal+'s ownership and €58m more with Colony Capital.[49][68] At the time, the club had a total revenue of just €101m and was valued at only €100m in 2011.[17][49] This all changed when Tamim bin Hamad Al Thani, the Emir of Qatar, bought PSG in June 2011 through state-owned shareholding organization Qatar Sports Investments (QSI).[14][65] The QSI deal covered €15–20m in debt and €19m in losses from the 2010–11 season.[69] Owned by the state of Qatar itself (annual GDP $100bn), the capital club became one of the wealthiest clubs in the world.[20][22]

Following the takeover ahead of the 2011–12 campaign, 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.[70] PSG immediately returned to the Deloitte Football Money League that season, securing tenth place with a total revenue of €221m.[50] Five years later, PSG turned a profit of €11m during the 2014–15 season.[2][49] The club also recorded a positive net income in 2015–16, 2017–18 and 2018–19.[49] PSG, however, suffered a major setback in 2019–20. Interrupted because of the COVID-19 pandemic and its impact on football, this campaign was the club's worst since the QSI era began, registering record loses to the tune of €124m.[71]

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 ninth most valuable football club, worth $2.5bn according to Forbes.[61][72] This financial growth has been supported by the club's Qatari owners;[50] the team's on-pitch success;[25] high-profile signings like Zlatan Ibrahimović, David Beckham, Neymar, Kylian Mbappé and Lionel Messi;[24][73] and big-money partnerships with the Qatar Tourism Authority, Nike, Accor and Air Jordan.[34][45]

Sponsorships[]

The clubs classifies its commercial partners depending on the amount of money they pay per year to be associated with the Paris Saint-Germain brand.[74][75] 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).[76] The capital club also has separate deals with Desports (€6m/year until 2021) and Air Jordan (€67m/year until 2022).[45][77]

Shirt sponsor Accor (€65m/year until 2022) and kit manufacturer Nike (€80m/year until 2032) are the club's "Top Sponsors".[34][44][76] 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 the Parc des Princes.[48][74] 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.[78]

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.[74] From August 2012 to June 2019, the club had a huge nation branding agreement with the Qatar Tourism Authority (QTA).[34] 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.[47][48] 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.[79][80] Another notable deal is that of Deliveroo (€4m/year until June 2022).[81]

Uniform partnerships[]

Shirt sponsor[]

Paris Saint-Germain played without a shirt sponsor until the 1972–73 campaign, when the club signed a deal with Canadian grocery store chain Montreal.[82] Pledging to achieve Division 1 promotion at the end of the 1973–74 season, PSG president Daniel Hechter, with the help of Bernard Brochand, set out to look for new sponsors. He first signed with Canadian soft-drink brand Canada Dry — the biggest contract in Division 2 history at the time — and reached an agreement with French radio RTL worth 1.2m francs on the condition PSG would reach the top flight in 1974–75.[6][82] The club ultimately did and the partnership with RTL lasted until 1990–91.[83]

Paris Saint-Germain shirts throughout the years.

Between 1986 and 1995, the club had two sponsors or more in its shirts. Brands from this period included RTL, French premium television channel Canal+, French television network La Cinq, Japanese electronics company TDK, French eyewear brand , American electronics manufacturer Commodore, German dairy company Müller, French soft-drink brand , Spanish car manufacturer SEAT, and British tea brand Lipton.[83][84] German automobile manufacturer Opel marked the end of this trend in the 1995–1996 season, assuming shirt sponsorship duties until 2001–02.[85][86] Next was French multimedia company Thomson from 2002 to 2006 before turning to Dubai-based airline Fly Emirates.[87][88]

Emirates appeared on the shirts until the 2018–19 season, after which French hospitality company Accor took over as shirt sponsor.[87][89] Its lifestyle loyalty platform, Accor Live Limitless (ALL), has been on the front of the shirts since the 2019–20 campaign.[87] Accor is reportedly paying the club around €65m each year.[34] The agreement is almost double the figure that Emirates paid PSG, which was approximately €25m per year.[90]

Kit manufacturer[]

French sportswear brand Le Coq Sportif became the first kit manufacturer of Paris Saint-Germain in 1970. They have assumed kit supply duties in three occasions: from 1970 until 1975, for the 1976–1977 campaign, and between 1978 and 1986.[91] In between, French sportswear brand Kopa, created by French footballer Raymond Kopa, and American sportswear brand Pony briefly took charge of the kits for the 1975–1976 and 1977–78 seasons, respectively. German sportswear brand Adidas became the kit supplier in 1986 and the partnership lasted until 1989.[82]

The Parisian club signed with American sportswear brand Nike ahead of the 1989–90 season.[82] In December 2013, Nike announced the renewal of its deal with PSG until the end of the 2021–22 campaign.[92] Nike increased the €6.5m annual commitment it had with the club to €25m.[87][93] In September 2018, before the start of the 2018–19 season, PSG signed a partnership with Nike-owned basketball brand Air Jordan for it to produce some of the club's kits until 2021. The contract, worth around €67m a year, was extended until 2022 in January 2021. The 2021–22 home shirt was the first to bear the Jordan logo after previously only making away, third and fourth strips for the club.[45]

In late June 2019, PSG announced a long-term contract extension with Nike, which is now one of European football's most lucrative and the biggest sponsorship agreement in the club's history.[94] PSG are tied to the American brand until 2032 and will more than triple their previous €25m deal with an annual figure of €80 million.[87][94] The club said the new Nike deal will cover the men's and women's football teams as well as their handball outfit.[94]

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[]

Dogliani, the original transfer record[]

Paris Saint-Germain have spent over €1.3bn on players since Qatar Sports Investments arrived ahead of the 2011–12 season.[114] The Parisians are not new to lavish transfers, though.[6][8] Bankrolled by wealthy club presidents Daniel Hechter and Francis Borelli in the 1970s and 1980s,[6][8] PSG made Jean-Pierre Dogliani the club's original transfer record in summer 1973.[95] Hechter, who had recently arrived as a major stakeholder at PSG, handed Monaco €10k for the French playmaker.[5][95] Congolese attacker François M'Pelé quickly dethroned Dogliani in December 1973, signing from Ajaccio for €130k, as Hechter broke the bank again.[96]

Carlos Bianchi was the club's record arrival until 1979.

After becoming club president in June 1974, Hechter signed Algerian virtuoso Mustapha Dahleb, considered PSG's first star and for which they paid a then French record €205k to Sedan.[97] A year later, PSG shelled out that same amount to snatch Humberto Coelho from Benfica.[106] The Portuguese became the club's record sale when he went back to Benfica for €107k in 1977.[106] Next up was Carlos Bianchi that same year, whose price tag made him the club's most expensive player yet. The Argentine marksman arrived at the Parc des Princes from Reims for €230k. It was Hechter's final signing as PSG president.[98] His right-hand man, club vice-president Francis Borelli, succeeded him.[6][8]

When Bianchi left in 1979 to join Strasbourg for €230k, he also became PSG's most valuable sale up until that point.[107] He was eventually surpassed by Yugoslavian winger Ivica Šurjak, sold for €460k to Udinese in 1982.[108] Borelli continued his predecessor's transfer policy, breaking the club's transfer record in 1979 with the capture of Portuguese wizard João Alves from Benfica for €760k.[99] Jules Bocandé nearly doubled this figure in 1986, when PSG recruited him for €1.5m from Metz.[100] The Senegalese held this record until 1991 and the arrival of Canal+ as club owners.[101]

Anelka and Ronaldinho[]

Paris Saint-Germain also made waves in the transfer market during the 1990s and early 2000s. Backed by French TV giants Canal+, who bought the club in May 1991, PSG completely smashed its two transfer records ahead of the 1991–92 season.[9][11] Brazil international Ricardo arrived from Benfica for €4.6m and French right back Jocelyn Angloma joined arch-rivals Marseille for €6m.[101][109] Both marks were topped by Liberian striker George Weah. The Parisian club dished out €6.5m to lure him out of Monaco in 1992 and then sold him for €6.9m to Milan three years later.[102]

The spending spree continued with French prodigy Florian Maurice, who for €7m became the most expensive transfer in France when he joined the capital side from Lyon in 1997.[103] PSG did not slow down and broke the national transfer record yet again. Not once, but twice. The club signed Nigerian genius Jay-Jay Okocha from Fenerbahçe for €12.4m in 1998 and then paid Real Madrid €34.5m for the return of prodigal son Nicolas Anelka in 2000. Anelka would remain PSG's record purchase until the QSI era.[104]

In the sales department, things speeded up as well. Brazilian winger Leonardo, who arrived to the club from Japan without making much noise in 1996, was sold for €8.5m to Milan the following year, becoming the club's most expensive sale.[110] The record however, did not stand for long, with French free-kick specialist Laurent Robert joining Newcastle United for €14.33m in 2001,[111] followed by Anelka's €15m move to Manchester City in 2002,[112] and finally by Ronaldinho, whose switch to Barcelona for €32.25m in 2003 stood as the club's priciest sale until 2016.[113]

After QSI[]

Pastore, then Cavani[]

Following their takeover by Qatar Sports Investments (QSI) in June 2011, Paris Saint-Germain broke the French transfer record with the purchase of Argentine playmaker Javier Pastore from Palermo for €42m that summer.[105][118] This fee was matched by Thiago Silva, who signed from Milan in 2012, and then eclipsed by the €64.5m capture of Edinson Cavani from Napoli in 2013. The club also spent heavily on several other stars, including Zlatan Ibrahimović (€21m), David Luiz (€49.5m) and Ángel Di María (€63m).[24] On the other hand, David Luiz and Gonçalo Guedes surpassed Ronaldinho at the top of PSG's most expensive sales. Chelsea paid €35m for David Luiz in 2016, while Valencia acquired Guedes for €40m in 2018.[113]

Neymar, the transfer of the century[]

Neymar Jr official presentation for Paris Saint-Germain, 4 August 2017.
PSG star Neymar became the world's most expensive player after his €222m move from Barcelona in 2017.

Cavani was dethroned in August 2017, when PSG smashed the world transfer record.[119] 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.[35] Young French sensation Kylian Mbappé joined him later that month from Monaco on an initial loan with option to buy for €145m.[36]

Mbappé's deal was made permanent in July 2018, making him the world's second-most expensive player and priciest teenager.[36][119] 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.[36] The transfers of Neymar and Mbappé each cost more than the €100m QSI originally invested to buy PSG as a whole.[17]

Messi and the greatest transfer window of all time[]

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 €106m in sales and dished out €95m in signings. This was the first time since QSI became club owners that PSG recorded a profit in the transfer market, boasting a €11m positive balance between income and expenditures.[115]

Despite the global economic recession in direct result of the COVID-19 pandemic,[120] PSG still managed to splash out €50m on Argentine forward Mauro Icardi in 2020–21 and €60m on highly-rated Moroccan right-back Achraf Hakimi in 2021–22.[116][117] In addition to Hakimi, the club also registered the free transfers of six-time Ballon d'Or winner and Barcelona captain Lionel Messi, Real Madrid and Spain captain Sergio Ramos, UEFA Euro 2020 player of the tournament Gianluigi Donnarumma, and Netherlands captain Georginio Wijnaldum. Portuguese left-back Nuno Mendes, regarded as one of the best in his position, also arrived on loan.[117] Inevitably, PSG's summer of 2021 has been described as the greatest transfer window of all time.[121]

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