Since QSI’s arrival, Paris Saint-Germain has long embodied unrivalled financial power in both France and Europe. Global superstars, record-breaking contracts, and an extraordinary wage bill: the capital club fully embraced a model based on instant appeal and dominance through investment, symbolised by historic transfers like those of Neymar and Kylian Mbappe. Three years on, the landscape has changed dramatically.
Under the leadership of President Nasser Al-Khelaifi, PSG began a structural transformation of its project—both sporting and economic—after the 2022 World Cup. This marked the end of an era dominated by the accumulation of stars. In an interview with Le Parisien, the president spoke of the end of the "glitz and glamour," a striking phrase that took time to materialise but eventually became reality thanks to the combined efforts of Al-Khelaifi, Luis Campos, and Luis Enrique.
For the first time in a long while, the club’s sporting management appears united around a shared vision and a clearly defined roadmap. PSG seemed to have taken the right turn - it was now a matter of giving the management and staff time to fully implement their project.
The successive departures of Lionel Messi (€3.4 million gross per month), Neymar (€3.7 million gross per month), and Marco Verratti (€1.2 million gross per month) in 2023, followed by Mbappe in 2024 (€72 million gross per year, plus a €180 million signing bonus), symbolised this break.
The wage bill, which accounted for 111% of revenue in the 2021-2022 season, has been drastically reduced.
The UEFA Financial Fair Play test
The year 2024 marked a pivotal stage in the club’s strategy. The focus was no longer on stacking up big names, but on building a structured squad that blended experienced players with high-potential young talents, all while keeping costs under control. PSG changed its approach: less flashy on the surface, but more coherent and sustainable in its ambitions.
One figure alone sums up the scale of this shift: as mentioned earlier, the wage bill represented 111% of revenue just a few seasons ago. It has now dropped below 65%. In a European football landscape subject to increasingly strict financial controls, this is a major development. The club had to maximise revenue while reducing its reliance on excessive fixed costs. Why? Largely because of UEFA.
Since entering into a settlement with the European body in August 2021, PSG has had to comply with a strict framework and meet several progressive financial targets. According to data provided to UEFA, the capital club claims to have met all its commitments and, according to our information, is even ahead of schedule on several key indicators. This trajectory has fostered real confidence within the club about exiting the agreement with results that exceed the original targets.
At the same time, PSG has also brought its Squad Cost Ratio - UEFA’s key metric for monitoring professional squad expenses (salaries, amortisations, and commissions) - below the 70% threshold. Dropping below this symbolic mark brings the club back in line with the most virtuous European standards. For Al-Khelaifi, who is also president of the European Club Association, the challenge went beyond simple financial recovery. It was also about establishing PSG’s credibility in a European football landscape undergoing major regulatory changes.
A new structural model for PSG
Three years on, the transformation was clear, but it hasn’t just been about mechanically cutting costs. PSG has thoroughly rethought its contract policy, its pay structure - now more heavily based on performance variables and less on excessive fixed salaries - as well as its recruitment strategy and player asset management. The case of Gianluigi Donnarumma perfectly illustrates this new approach.
Hero of last season’s Champions League triumph, the Italian goalkeeper was not given any special treatment when his camp requested a pay rise. Regardless of his status, Luis Campos stuck to the club’s guiding principle: keep fixed salaries in check and favour a more balanced structure. This was the sticking point in negotiations, with the player and his representatives rejecting the offer. The decision was therefore made to transfer him to Manchester City, allowing PSG to collect a transfer fee while significantly reducing its wage bill.
At the same time, youth development has become a central pillar of the Parisian project. Training, developing, and promoting young talents are now major strategic priorities. The goal is clear: combine immediate performance with medium-term value creation. In this context, the new PSG Campus plays a key role. The club is developing a model based on coherence and collective progress, moving away from the accumulation of individual stars.
A true pyramid has been established: the first team at the top, supported by an academy aligned with the same playing principles - intensity, pressing, and team spirit. As a testament to this, 15 players trained at PSG were recently called up to the French national team.
This 180-degree turn probably came at the perfect time, just as PSG lifted its first Champions League trophy. Far from being a one-off achievement, this triumph validated a big change in direction, initiated quietly but built with consistency. Now, the challenge for PSG is not just to win, but to establish itself over time... with this new sporting policy.