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Tony Parker's French Club 'Not Viable', Auditing Body Says

A public accounting body reported on Tuesday that ASVEL Basket, a French basketball club principally controlled by ex-NBA player Tony Parker, is not financially sustainable in the long term.
The accounting report found ASVEL has been loss-making in three of five financial periods from 2018 to 2023 due to costly player payrolls reaching 4.2 million euros without matching revenue growth.
The report highlighted that ASVEL, located in Villeurbanne near Lyon, has the worst financial position in France's top Pro A League despite state aid of 3.3 million euros and shareholder injections during the Covid pandemic.
Tony Parker, who earned $168 million during an NBA career from 2001 to 2018, told Le Progres in March he had to dip into his own fortune to pay some of the club's debts amid a risky financial situation caused partly by sponsors failing to meet commitments.
The findings imply ASVEL Basket faces ongoing financial challenges that threaten its sustainability despite Parker's ambitions to make it a top European club and external financial support.

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Le Figaro

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Tony Parker's Asvel's Economic Model Is Not "Sustainable over Time" According to a Report

The regional chamber of accounts of Auvergne-Rhône-Alpes has peeled the 2018 to 2023 exercises of the basketball club of Villeurbanne. The increase in the wage bill has weighed on the revenues.

3 days ago·Paris, France

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Le Parisien

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Basket: Regional Court of Auditors Pins Down Tony Parker's Asvel's "Degraded" Finances

Its economic model, "structurally in deficit", "appears to be unsustainable over time", is the control body.

4 days ago·Paris, France

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Daily Journal

+25 Reposted by 25 other sources

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Tony Parker's French club 'not viable', auditing body says

ASVEL Basket, the French basketball team majority owned by former NBA star Tony Parker, has parlous finances and is "not viable over the long-term", a public accounting body said in a report Tuesday.

4 days ago·Cherokee County, United States

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franceinfo.fr

Tony Parker's ASVEL "in a Risky Financial Situation" According to the Regional Chamber of Accounts

The Villeurbanne basketball club, Tony Parker's Asvel, is in a "degraded" financial situation and its economic model is not "sustainable" according to CRC. It recommends that the company recapitalize.

2 days ago

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Lyonmag.com

"Economic Model Not Sustainable over Time": ASVEL's Financial Situation Pointed the Finger at by the Regional Court of Auditors

After OL, whose finances are in the red, it is another historic club in the Lyon agglomeration that is in great difficulty.

3 days ago

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leprogres.fr

Basket. The Regional Chamber of Accounts Highlights the Financial Fragility of Asvel

After reviewing the 2018–2024 financial years, the regional supervisory body considers that Asvel Basket's business model and sustainability "are not insured for the duration without the constant financial support of shareholders", including Tony Parker.

4 days ago

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