PSG chief: Club set for 'colossal losses' due to COVID-19 crisis

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Paris Saint-Germain president Nasser Al-Khelaifi anticipates the Ligue 1 giants will suffer massive financial losses as a result of the coronavirus pandemic.

“Financially, the impact of the current events, as well as the uncertainty that it brings with it, is considerable for a club like ours,” Al-Khelaifi told RMC Sport, as translated by ESPN UK’s Jonathan Johnson.

The finances of French professional clubs have taken a significant blow across the board due to the work stoppage and subsequent revenue losses, including the absence of proceeds from the television agreement.

Al-Khelaifi is at the center of negotiations between clubs and TV rights-holders Canal+ and beIN Sports after the broadcasters withheld the latest payments as fixtures were put on hold. The 46-year-old Qatari businessman is in an influential position as both the chairman of beIN Sports and president of France’s richest football club.

“At the end of the season, we risk suffering colossal losses. We will face that, but nothing will be simple – it will take time to strike a balance,” Al-Khelaifi said.

He added, “It is no secret that our wage bill is substantial.”

With the influx of investment from owners Qatar Sports Investments, PSG funded the additions of the likes of Neymar and Kylian Mbappe and, as such, spend significantly more on wages than Ligue 1’s other 19 sides.

Two weeks ago, the Ministry of Economy and Finance and France’s National Union of Professional Football Players reportedly agreed to advise professional footballers to reduce their salaries to help mitigate financial ruin.

The provision would be applied on a weighted basis, with players like Neymar, Mbappe, and several others at PSG who earn in excess of €100,000 per month facing a potential 50% pay cut.

Al-Khelaifi foresees that PSG’s first-team members will comply. He said, “I expect an effort from the players for the club. They know their responsibilities.”

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