Ligue 1: incompatibility between sporting and financial results according to a study by Audencia

The top performing clubs in Ligue 1 in sporting and economic results are those that have the lowest financial results, according to a study by the Audencia School of Management, led by the finance professors Christophe Germain, Emilios Galariotis and Konstantinos Zopounidis, and released on 19/01/2015.

The study is based on data from the 13 French clubs that remained in Ligue 1 between 2011 and 2013. "The worst performers in sporting results are those who scored high on the financial plan. The common view that the most financially powerful and richest clubs are those that achieve the highest turnover is, according to the study, a pure figment of the imagination. Similarly, the revenues generated by marketing activities will not result in a better financial situation of clubs," explain the professors.

• "Revenues from marketing activities are used to enhance sporting teams, recruit new players, and pay their salaries. When these revenues are not sufficient, clubs resort to debt," stated the study.