€1.83b spent, just one final – PSG have failed to turn financial dominace into European success

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Knocked out 

Paris Saint-Germain’s star-studded team were once again left staring to the sky with their hands on their hips, as another team dispatched the Ligue 1 giants on their way to the Champions League. Borussia Dortmund, a relative underdog compared to the riches of their Parisian opponents with a starting XI that had cost just €6 million more than PSG had paid for Kylian Mbappé, had just picked up their first ever victory in the French capital to claim a 1-0 win on the night and a 2-0 victory on aggregate. One of Europe’s biggest spenders was once again stuck with the title of being one of the continent’s most underperforming clubs in Europe’s premier competition. 

“When the result is that, yes it’s difficult of course,” said PSG head coach Luis Enrique in an interview with TNT Sports after the match. “I think we have to win the match. We created 31 shots, four [times hitting the woodwork] – football is so unfair sometimes. Congratulations to them. They are a great team and I hope they can go to the final and win it. It is a sad moment. We need to create something that is special and next year we will try to win the competition.” However, while Enrique may have high hopes of challenging for the competition next season, the club’s recent history would suggest that further anguish may await the French giants. 

How much have PSG spent under QSI?

As is well known in European football, Qatar Sports Investments bought a controlling stake in PSG in 2012 and since then they’ve done their best to ensure that the French giants have played a pivotal role in the transfer window. Indeed, over the course of the last 11 years, the Parisian side have spent €1.94 billion on transfer fees. That in itself means that only two clubs in all of European football have spent more on players since QSI bought PSG. When we look at the club’s net spend in the transfer window, the figure stands at €1.19b. Which places the Ligue 1 club in second place and makes it clear that having spent such remarkable sums in the transfer window – and untold fortunes on wages – that they should be challenging for the Champions League each and every season.

How well have PSG performed in the Champions League under QSI?

However, that has been far from the case. Despite aforementioned fees paid in the transfer window and the likes of Neymar, Lionel Messi and Mbappé moving to the club in that time, PSG have severely underperformed when it comes to challenging the established hierarchy of European football over the past 11 years. Since QSI bought the club, PSG have reached the quarter-finals on four occasions, the semi-finals twice and just one final in 2020, where they lost 1-0 to Bayern Munich. However, most worryingly, the club have failed to get beyond the Last 16 in five of the last 11 seasons under QSI ownership.

Indeed, when we compare PSG’s performances in the competition to the other big hitters in European football it really underlines how poor the club’s return for their money has been on the pitch. Since 2012 Real Madrid have reached five finals, Liverpool have reached three and Manchester City, Juventus and Bayern have all reached two. Of all the clubs mentioned, only Man City have outspent their French counterparts in the transfer window. In fact, the combined net spend of Bayern, Juventus and Madrid is only €88m off PSG’s in that time period. As such, the only club that can perhaps come close to spending as much money as PSG without anything to show for it are Manchester United. Who, admittedly, have a much harder task of qualifying for the competition each year. No matter which way you look at it, the French side have spent a fortune on players since 2012 and had very little success in Europe to show for it.