Intrigue Unfolds: Financial Probes in French Soccer's Business Dealings

Financial investigators searched the offices of France's LFP soccer league and CVC Capital as part of an embezzlement and bribery investigation. The probe follows a complaint about fund misappropriation linked to CVC's investment. A Senate report previously criticized the management of French professional football.

Authorities have initiated searches at the offices of France's Ligue de Football Professionnel (LFP) and the CVC Capital investment fund. This investigation, confirmed by a judicial source, addresses allegations of embezzlement of public funds and bribery.

The probe began on July 16, 2024, uncovering questionable practices in the wake of CVC Capital's significant investment into LFP's media business. The financial maneuver saw CVC acquire a 13% stake valued at €1.5 billion in 2022.

Recently, a French Senate report highlighted management errors in French soccer. The ongoing investigation follows a November 2023 complaint by the 'AC!' association, alleging misappropriation of LFP1 subsidiary funds. Michel Savin noted the benefits of the CVC deal for LFP's management, though long-term club advantages are unproven.

(With inputs from agencies.)