Lionel Laurent, Columnist

Bernard Arnault Is an Underdog for Once

December 30, 2025 at 4:00 AM UTC

Lionel Laurent is a Bloomberg Opinion columnist writing about the future of money and the future of Europe. Previously, he was a reporter for Reuters and Forbes.

Paris FC's midfielder Ilan Kebbal (R) fights for the ball with Toulouse's defender Dayann Methalie in December.
Photographer: FRANCK FIFE/AFP

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The 2024-2025 season was a record one for Qatar-owned Paris Saint-Germain, from winning the European Champions League to almost cracking the $1 billion revenue mark. But for the rest of French football, the gloom is palpable. Broadcasters are giving up, unable to elicit more than a Gallic shrug from viewers. That in turn eats into clubs’ ability to invest, completing what Deloitte calls a vicious circle.

Asking the average Parisian for their favorite team can generate confused looks. The city teems with culture but it only has one marquee-name football club. There are seven London teams in England’s Premier League alone.