In “keepie uppie”, footballers aim to defeat gravity’s pull on the ball for as long as possible. Owners of top clubs, such as Paris Saint-Germain, are playing the same game. PSG’s Qatari proprietors have discussed selling a minority stake of up to 15 per cent, targeting a total valuation for the club of €4bn (£3.44bn). At least two other teams recently arrived in the shop window, Liverpool and Manchester United.
When club owners dine together they can toast the rising arc of valuations. The PSG figure would top the £2.5bn achieved by Chelsea Football Club earlier this year. That towers over the €70mn the Qataris paid back in 2011 for the Paris side, before they began to invest heavily in players. It would put PSG on seven times trailing revenues of €556mn, more than Chelsea received.
The Qatari investors say they have no intention of selling out. They simply want more expertise inside the supporters’ tent. Could they not hire that knowledge?