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[SITUATION] · [QUIET] · [SPORTS]
2 clusters · 5 sources · 11 days · First seen · Last updated
ASVEL Villeurbanne financial restructuring
Overview
The French basketball club ASVEL Villeurbanne underwent significant financial restructuring after a deal with a Malaysian investment fund collapsed. This failure forced the club to reduce its planned budget from 59 million euros to a final approved amount of 24 million euros.
To protect the coaching staff during this period of austerity, president and coach Tony Parker reduced his own salary. While initial reports indicated a reduction to 240,000 euros, subsequent details specify his salary was lowered from 1.2 million euros to 200,000 euros. Parker stated to Equipe that it was important for his team to remain together and not suffer due to the financial changes.
Despite the reduction, the 24 million euro budget represents a nearly 30% increase over the previous year, making it the largest budget in French basketball. The club has finalized a new roster including players such as Patty Mills and Jae Crowder, and Parker has expressed a commitment to a long-term project spanning the next 15 to 20 years.
Entities
Timeline
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9 days ago
[SPORTS] 4 sourcesTony Parker defends revised ASVEL Villeurbanne budgetTony Parker has defended ASVEL Villeurbanne’s revised 24 million euro budget after a Malaysian investment deal collapsed, significantly reducing the club's initial 59 million euro target.
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20 days ago
[SPORTS] 2 sourcesASVEL Villeurbanne budget cut to 24 million eurosASVEL Villeurbanne's budget has dropped from 59 million to 24 million euros, prompting Tony Parker to cut his own salary by 80% to retain his coaching staff.
Sources
gazzetta.gr · madata.gr · sportime.gr · sportlive.gr · to10.gr