The money has not delivered success for sheikhs

The most expensive footballer of all time, Neymar, plays for them — as does the phenomenal young talent Kylian Mbappé. Paris Saint-Germain’s squad is packed with global football stars. In fact, the current PSG roster is valued at 927 million euros, making it one of the most expensive in the world. These high-profile signings are funded by Qatari owners led by Nasser Al-Khelaifi, who have spent nearly 1.2 billion euros on transfers over the past eight years — not to mention the astronomical player salaries. “The club’s direction changed, and its ambitions gradually increased — financially as well. The turning point was Neymar’s record-breaking transfer,” said sports analyst Jozef Tokos in an interview with the Economic Daily.

From the very start, the wealthy owners made it clear they were ushering in a new era — one defined by major success. Above all, that meant winning the coveted Champions League trophy. Not only that, but they wanted PSG to become a globally recognized brand and a true rival to the world’s most iconic clubs.

The club's backers hit the ground running, handing the management and coaching staff a significant war chest. In their first season after Qatar opened the financial floodgates, PSG spent 107 million euros on new players, with the biggest name being Argentine midfielder Javier Pastore, signed for 42 million euros. Ironically, none of the nine players signed that season remain in the squad today. PSG has seen constant turnover, in and out. The club is doing everything it can to finally bring the Champions League trophy to Paris. “They’ve utterly dominated the domestic league, but at this stage, only a Champions League title counts as success. I’m not even sure reaching the final would be seen as good enough,” Tokos noted.

And that’s the problem. Winning all the domestic trophies has become a given for PSG, not a success. Every season, the true goal is the Champions League. But that competition has proved cursed for “Les Parisiens,” as the club is nicknamed. In seven attempts, the super-rich club has reached no further than the quarterfinals — a poor return given the scale of investment. In fact, in each of the last three seasons, PSG was eliminated in the Round of 16 — most recently in a shock loss to Manchester United. “A nightmare for Parisians is complete. This isn’t what the Qataris had in mind,” read the headline in Le Monde the day after that early exit.

Yes, in fairness, PSG has faced Europe’s elite in those knockout matches — FC Barcelona, Chelsea, Real Madrid, Manchester City, Manchester United — but if the club truly aims for global dominance, that cannot be used as an excuse.

Perhaps the most glaring issue in PSG’s European failures is the lack of serious competition at home. No Ligue 1 team can match them financially or in squad depth. Their star-studded squad rarely faces the kind of intense, high-stakes battles needed to build real resilience. So when they do face such pressure in Europe, especially younger players often don’t know how to respond. On the other hand, PSG’s dominance has helped boost the league in other ways. The arrival of true global superstars has drawn more attention to Ligue 1, and fans of other French clubs look forward to seeing their teams face the Parisian giants. “Attendance is rising, and so is the league’s reputation. Neymar had a clear one-player impact, and the club continues to grow in sports marketing,” Tokos added.

In any case, no major strategic shift is expected from the club’s leadership. They will again rely on highly paid superstars, hoping that this time they will finally succeed on the Champions League stage — and firmly place PSG among football’s global elite.