2024-11-05 09:28:00
The LFP headquarters was searched on Tuesday as part of an investigation opened last February.
Published on 05/11/2024 09:58
Updated on 05/11/2024 10:28
Reading time: 2min
Searches began on Tuesday, November 5, at the headquarters of the Professional Football League (LFP), in the 17th arrondissement of Paris, as part of an investigation opened in February 2024, notably for “embezzlement of public funds”, Franceinfo learned from a source close to the matter. These searches were carried out in the presence of the president of the LFP, Vincent Labrune. A search is also underway at the headquarters of CVC Capital Partners. The investigation has been carried out by the Paris research section since last July, a judicial source told franceinfo. An open investigation into charges of embezzlement of public funds, active and passive corruption of public officials and illegal taking of interests, specifies this source.
The investigation, carried out by the National Financial Prosecutor’s Office (PNF), is particularly interested in the conditions under which, in 2022, the LFP sold 13% of French football rights for life to the Luxembourg investment fund CVC Capital Partners, against a contribution of one and a half billion euros. This procedure follows a complaint sent on November 27, 2023, by the “AC!” association, which notably mentions acts of misappropriation of public funds that occurred in 2022.
These searches, in the premises of the LFP located in the 17th arrondissement of Paris and at the headquarters of CVC Capital Partners, take place six days after the publication of an uncompromising senatorial report on the governance of French professional football. The rapporteurs (Laurent Lafon, UDI and Michel Savin, LR) denounce a “vision court-termiste” consisting of distributing funds to clubs.
In this report, the senators believe that “the leaders of the LFP objectively had a personal interest in choosing to resort to a solution based 100% on a capital raising, given the significant bonuses they received following the success of the operation”. They are surprised, for example, by the bonus of 3 million euros planned for Vincent Labrune, the president of the LFP, following the agreement with the investment fund, as well as the tripling of his annual salary, from 420,000 euros to 1.2 million euros. At the beginning of October, the League’s board of directors finally reduced this salary by 30%. Vincent Labrune also waived his severance pay.
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Gal financing of political life is ongoing, with several people being questioned during these searches. The investigation reportedly relates to financial practices surrounding the awarding of broadcasting rights and other commercial deals involving the LFP.
Vincent Labrune and other key figures within the league are under scrutiny as authorities delve into potential misappropriation of funds and corrupt practices. The LFP, which manages professional football in France, has faced previous controversies, but this investigation marks a significant development in its governance and transparency issues.
In tandem, CVC Capital Partners, which has been involved with the LFP in various investment capacities, is also being examined. The result of this investigation could have far-reaching consequences for French football governance and the operators of sports leagues, especially regarding financial regulations and accountability measures.
As investigations develop, more details are expected to emerge, potentially impacting future dealings of both the LFP and associated entities.
