LNR report reveals eye-watering Toulouse budget

The Ligue Nationale de Rugby (LNR) has published its official report for the 2024/2025 season, covering Top 14 and Pro D2 club budgets. The governing body of the French club game highlighted a 6.9 per cent increase in Top 14 revenues, with Pro D2 also recording a 3.9 per cent rise compared to 2023/2024.

The LNR also pointed out a global reduction in club deficits, arguing that most teams across both divisions now operate with either a positive balance sheet or are at break-even.

But what lies in the fine print of the report? Which clubs are leading the way when it comes to budgets?

At the top of the table, Stade Toulousain boasts the largest budget at €63m, encompassing player and staff salaries, external services, amortisation and more. Looking specifically at the Top 14 champions’ payroll, players account for 62 per cent of the €21m allocated to the squad, with coaching staff earning €2m and technical and conditioning personnel another €1.45m. The club’s administration and commercial team account for a further €4m.

Staying with budgets, Lyon OU are next with €47.780m, while Stade Français sit third on €47.722m, with the average Top 14 budget standing at around €38m.

For context, if Toulouse were competing in French football’s Ligue 1, they would rank 10th in budgetary terms, with Paris Saint-Germain leading the way on €850m.

However, while Stade Toulousain operate with annual costs of €63m, the club also posted revenues of over €63m, exceeding expenditure by several hundred thousand euros.

The same cannot be said for Stade Français, who recorded the largest deficit across both Top 14 and Pro D2, at around €16m – a figure that has raised concerns among supporters and investors.

When it comes to annual operating results, Stade Rochelais lead the way with a positive balance of almost €2m, followed by Union Bordeaux-Bègles (€1.5m) and RC Vannes (€1.4m).

In marketing and ticketing, Stade Toulousain again top the charts, generating €10m in ticket sales and close to €15m in merchandise revenue.

Investec Champions Cup holders Union Bordeaux-Bègles rank second, with matchday revenues of €10m and €3m generated through official club merchandise sales.

One of the report’s key concerns, however, is that the majority of Pro D2 clubs continue to run at a loss. Only two of the 16 clubs finished in the green: Provence Rugby and Stade Aurillacois. CA Brive posted a €5m loss in 2024/2025, despite boasting by far the biggest budget in the division (€24m), which was not enough to secure promotion back to the Top 14.

As the LNR notes, both divisions have recorded growth over the last five years while reducing expenditure – a positive indicator for the long-term future of the professional game in France.

The Top 14 has continued to grow as a competition, securing a more lucrative TV deal than football’s Ligue 1 and underlining rugby’s rising popularity in France.

Another crucial factor in French rugby’s financial strength is the distribution of broadcast revenue across both the Top 14 and Pro D2, with the LNR committed to allocating a significant share of television income to the second tier.

According to French local media, Pro D2 clubs now receive more funding than their football counterparts, helping to explain how both professional rugby divisions have achieved increased financial stability.

The full report is available on the LNR website.