ASVEL Basket, a French professional basketball team owned and managed by former NBA player Tony Parker, faces financial instability, according to a report released Tuesday.
The regional CRC accounting oversight body declared the team “not viable over the long-term” after noting financial losses in three of the past five reporting periods.
The club has struggled to achieve financial sustainability despite significant shareholder investments and €3.3 million ($3.7 million) in state aid during the COVID-19 pandemic.
The CRC report stated that the team’s economic model cannot support long-term growth and urged the club to restructure its finances to ensure survival and competitiveness.
ASVEL Basket’s financial difficulties reflect broader trends in France’s top-tier Pro A League, where few teams make a profit.
Despite these challenges, Tony Parker, who became the majority owner in 2014, has led the team through these financial struggles.
ASVEL Basket, located in Villeurbanne, a suburb of Lyon, has a rich history in French basketball, winning several national championships in recent years.
Despite its financial issues, the team remains a major figure in French basketball, with strong support from its fan base and the local community.
Parker, committed to fostering basketball talent and supporting the sport’s growth in France, continues to seek ways to stabilize ASVEL Basket’s finances while maintaining its competitive standing in the Pro A League.