Financial Woes Plague Tony Parker's ASVEL Basket, Deemed 'Not Viable' by Auditors
Source: news.source.inquirer
ASVEL Basket, a French basketball club majority owned by former NBA star Tony Parker, is facing severe financial challenges, as reported by a public accounting body. The club has been consistently unprofitable, with significant losses despite receiving state aid and shareholder investments. The auditing report highlights ASVEL's dire financial state, suggesting long-term viability issues due to high player costs and unfulfilled sponsorship promises.
Key Points
ASVEL Basket has been unprofitable for three out of the last five financial reporting periods.
The club received 3.3 million euros in state aid during the Covid pandemic but still faces financial difficulties.
Tony Parker's vision to make ASVEL one of Europe's greatest teams has led to high player costs, with the payroll reaching 4.2 million euros in 2022-2023.
The club's financial situation is described as 'not viable over the long-term' by the CRC auditing body.
ASVEL Basket encountered issues with two sponsors who failed to fulfill financial commitments.
Tony Parker has had to use his personal fortune to cover some of the club's debts.
