French govt to provide more aid to struggling soccer clubs

According to LFP estimates, club losses already amount to more than 1 billion euros. During the meeting, government officials reminded clubs that they have already benefited from state-guaranteed loans up to 600 million, exemptions from social security contributions as well as compensation for the loss of ticket revenues. In addition to the pandemic, the French league has been dealing with the collapse of a multi-billion-euro television deal it signed with Spanish-based broadcaster Mediapro.

PTI | Paris | Updated: 17-02-2021 10:14 IST | Created: 17-02-2021 09:48 IST
French govt to provide more aid to struggling soccer clubs
Representative image Image Credit: ANI

French government officials agreed to give more financial support to professional soccer clubs badly hit by falling revenue during the coronavirus pandemic.

Following a meeting between cabinet ministers, league president Vincent Labrune and club officials, a working group was created to assess the financial situation and examine the most appropriate aid schemes.

Roxana Maracineanu, the minister in charge of sports, said the group will distribute aid on a "case-by-case basis and provide concrete and appropriate responses." Amid huge revenue losses caused by the pandemic and the collapse of its television deal, the French league (LFP) had asked the government last week to set up a financial rescue plan. According to LFP estimates, clubs' losses already amount to more than 1 billion euros.

During the meeting, government officials reminded clubs that they have already benefited from state-guaranteed loans up to €600 million, exemptions from social security contributions as well as compensation for the loss of ticket revenues.

In addition to the pandemic, the French league has been dealing with the collapse of a multi-billion-euro television deal it signed with Spanish-based broadcaster Mediapro. The LFP has since secured a new agreement with broadcaster Canal Plus to show matches in the top two divisions for the rest of the season, but the replacement deal is only worth a fraction of the original.

The deal with Mediapro should have been worth more than 4 billion euros ($4.8 billion) over four years for the top two leagues but collapsed after just four months.

In December, the league was forced to terminate its contract with Mediapro, which created a new subscription channel called Telefoot to show matches but missed scheduled payments worth more than 324 million euros ($392 million) before the plug was pulled. Mediapro then agreed to pay 100 million euros ($121 million) in exchange for relinquishing its rights to games. AP BSBS

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Tracking Fintech during COVID-19: Harnessing power of technology

Its abundantly clear now that as fintech cements its place in the financial sector, accelerated further by the COVID-19 pandemic, it could open the sector to new possibilities by harnessing the power of technology to deliver financial ...

Tectonic turns: How technology shaped healthcare over the decades

Tracing an episodic evolution, with technology at the interface of human and his health....

World Water Day sees crises of inequality in countries both rich and poor

... ...

Privacy and data protection: Reviewing notable policy frameworks

The evolved privacy principles and the resulting legislation across the world primarily aim to force the data collector to define the purpose for which the data is being collected along with the need to obtain explicit consent for the said ...

Videos

Latest News

Reports of shooting at Knoxville, Tennessee high school with multiple victims - police

Police in Knoxville, Tennessee said on Monday they were responding to reports of a shooting at a high school, with at least several victims.Multiple gunshot victims reported, including a KPD officer. The investigation remains active at this...

U.S. denies involvement in Iran nuclear site incident

The White House on Monday denied having played any role in a power outage at an Iranian nuclear site and declined to comment on whether Israeli sabotage was to blame or whether the incident might impair efforts to revive the 2015 Iran nucle...

Biggest volcano explosion yet rocks tiny Caribbean island

Hot flows of ash, rock fragments and gas tore down the flanks of the La Soufriere volcano on the tiny Caribbean island of Saint Vincent on Monday after its most powerful explosion yet, four days after it first started erupting. La Soufriere...

Russia restricts flights to Turkey as political tensions rise

Russia will restrict flights to and from Turkey from April 15 to June 1 due to a rise in COVID-19 cases in Turkey, Russian Deputy Prime Minister Tatiana Golikova said on Monday, amid growing political tensions between the two countries.The ...

Give Feedback