French federation looking to launch 'a la Francaise' Premier League entity
Under the proposal, French clubs and private equity firm CVC Capital Partners would become shareholders in a newly created company responsible for managing and marketing professional competitions, with the FFF also holding a stake.
"This would be a French version of the Premier League – a club-owned company with paid executives running the league," Diallo told a press conference.
The plan stems from the work of three task forces launched in early March as French football faces mounting challenges.
"This is an innovative and disruptive project compared to the current organization of professional football," Diallo said.
"It aims to lay the foundation for a rebound of our professional clubs within a more efficient and transparent framework, with a renewed role for the Federation."
Diallo emphasized the need to simplify the current structure, which includes the FFF, the LFP, and its commercial arm, LFP Media.
"With the creation of LFP Media, the LFP has become almost an empty shell," he said. "This proposal would see the LFP disappear as its functions are absorbed by the new company."
The new structure would be responsible for organising and promoting the domestic leagues, while the FFF would retain a key oversight role, including veto power over competition format changes.
"This project will require legislative changes," Diallo added.
A bill addressing the governance of professional sports in France is set to be reviewed by the Senate on June 10.
CVC invested 1.5 billion euros ($1.67 billion) in LFP Media in 2022 in exchange for a share of media revenues, and is expected to play a significant role in the new governance model.
The proposal, if enacted, would mark a major shift in how French football is managed and is seen as a response to years of financial instability and competitive imbalance within the league system. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Straits Times
16 hours ago
- Straits Times
Rugby Australia chief certain British and Lions will return in 2037
Sign up now: Get ST's newsletters delivered to your inbox Australia celebrates their 22-12 win over the British & Irish Lions during the third Test at Stadium Australia in Sydney on Aug 2. – Rugby Australia (RA) chief executive Phil Waugh was disappointed the Wallabies lost the Test series against the British and Irish Lions, but believes the tour was a huge success and talk that the tourists might not return in 12 years' time was well wide of the mark. Some media pundits had suggested after the Lions comfortably won the first Test in Brisbane that Australian rugby was so weak they no longer deserved their place on the touring rotation alongside New Zealand and South Africa. Waugh thought the competitiveness of the Wallabies in the second Test in Melbourne, where they came within seconds of victory, and the third in Sydney, where they won 22-12, had firmly quashed any speculation about the Lions not returning. 'Australia is a really important home for the Lions tour every 12 years,' he told reporters at the conclusion of the series. 'On the field, I think the accumulative points, they got one point better than us and one try better than us, and it was a really fierce Test battle. 'So I think any of that speculation, it was shut down by a number of people, including their CEO (Ben Calveley), who spoke at various events committing to return to Australia.' Waugh thought the second Test, which attracted a crowd of 90,307 to the Melbourne Cricket Ground, was one of the best internationals he had seen in a while and he had been impressed with the Wallabies throughout the series. 'I think it's been an overwhelmingly successful tour, albeit it would have been nice to win the... trophy, but that wasn't to happen,' he added. 'I think that the progress that's continued through the group, and I think the cultural growth of the group, has been really, really pleasing.' Around 450,000 fans attended the nine matches, and Waugh said the tour had exceeded expectations on financial returns for both the hosts and the Lions. Exactly what the returns were was still being calculated, he said, but Australia's proceeds would go to reducing the A$80 million (S$66.6 million) credit facility the RA took out in 2023, which cost more than A$9 million to service in 2024. 'It certainly exceeded expectations,' Waugh said. 'I've always said that it's a really good opportunity for us to reset the balance sheet. 'We've got the debt facility, and ideally we pay that down as quickly as possible, given the cost to carry it... then we'll lean into the next broadcast cycle to get to a financially sustainable model.' The Wallabies got great returns in the series from Will Skelton, the wrecking ball of a lock who was recalled from his French club La Rochelle to take on the Lions. Tight-head prop Taniela Tupou, who played a key role in the third Test victory, will also be moving to a French club in 2025, which would once have made him ineligible to play for the Wallabies. That blanket ban was eased ahead of the 2015 World Cup under the 'Giteau Law', which allowed the Wallabies coach to select three overseas-based players under certain criteria. RA's high performance director Peter Horne confirmed that all restrictions on Test selection had been scrapped when Joe Schmidt took over as Wallabies coach in 2024. 'Joe's got no impediment to select whoever he wants,' he said. 'That's always been the case. The Giteau Law's kind of redundant. 'But we've also made a choice that we select domestically if the players are of equal calibre, it's important that we invest in our premier competition in Australia.' However, the Wallabies will not be able to count on Dave Porecki, who has retired from professional rugby only weeks after reviving his Test career. The New South Wales Waratah hooker, 32, battled injuries in recent seasons, but made his first Australia appearance under Schmidt against Fiji in July after nearly two years out of the Wallabies. After suffering a concussion against Fiji and missing the first Lions Test in Brisbane, Porecki was recalled for the second clash in Melbourne before being sidelined for the final Test in Sydney due to a cut heel at training. Capped 21 times for the Wallabies, Porecki said it was the right time to start a new chapter in his life. REUTERS
Business Times
a day ago
- Business Times
OpenAI releases free, downloadable models in competition catch-up
[SAN FRANCISCO] OpenAI on Tuesday released two new artificial intelligence (AI) models that can be downloaded for free and altered by users, to challenge similar offerings by US and Chinese competition. The release of gpt-oss-120b and gpt-oss-20b 'open-weight language models' comes as the ChatGPT-maker is under pressure to share inner workings of its software in the spirit of its origin as a nonprofit. 'Going back to when we started in 2015, OpenAI's mission is to ensure AGI (Artificial General Intelligence) that benefits all of humanity,' said OpenAI chief executive Sam Altman. An open-weight model, in the context of generative AI, is one in which the trained parameters are made public, enabling users to fine-tune it. Meta touts its open-source approach to AI, and Chinese AI startup DeepSeek rattled the industry with its low-cost, high-performance model boasting an open weight approach that allows users to customise the technology. 'This is the first time that we're releasing an open-weight model in language in a long time, and it's really incredible,' OpenAI co-founder and president Greg Brockman said during a briefing with journalists. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The new, text-only models deliver strong performance at low cost, according to OpenAI, which said they are suited for AI jobs like searching the internet or executing computer code, and are designed to be easy to run on local computer systems. 'We are quite hopeful that this release will enable new kinds of research and the creation of new kinds of products,' Altman said. OpenAI said it is working with partners including French telecommunications giant Orange and cloud-based data platform Snowflake on real-world uses of the models. The open-weight models have been tuned to thwart being used for malicious purposes, according to OpenAI. Altman early this year said his company had been 'on the wrong side of history' when it came to being open about how its technology works. He later announced that OpenAI will continue to be run as a nonprofit, abandoning a contested plan to convert into a for-profit organisation. The structural issue had become a point of contention, with major investors pushing for better returns. That plan faced strong criticism from AI safety activists and co-founder Elon Musk, who sued the company he left in 2018, claiming the proposal violated its founding philosophy. In the revised plan, OpenAI's money-making arm will be open to generate profits but will remain under the nonprofit board's supervision. AFP

Straits Times
a day ago
- Straits Times
Dezign Format targets $6.5m IPO on Catalist, eyes Malaysia expansion
Sign up now: Get ST's newsletters delivered to your inbox The offering will comprise 32.5 million new placement shares at 20 cents each, according to its offer document filed on Aug 1. SINGAPORE - Design agency Dezign Format is looking to raise $6.5 million through an IPO on the Singapore Exchange (SGX) Catalist board, which caters to fast-growing firms that may not yet meet mainboard listing requirements. The offering will comprise 32.5 million new placement shares at 20 cents each, according to its offer document filed on Aug 1. It is expected to hit a market capitalisation of $40 million after listing. The IPO will close at noon on Aug 13, and shares of the company are expected to begin trading on Aug 15 at 9am. Evolve Capital Advisory is the sponsor, issue manager and placement agent for the proposed IPO. Dezign Format specialises in installations for meetings, incentives, conferences and exhibitions (Mice) events, as well as fit-outs for retail and commercial spaces. Its most significant projects include the 2024 lunar new year decorations at Marina Bay Sands; an 'imaginary gardens' themed installation for jewellery brand Van Cleef & Arpels' collaboration with French artist Julie Joseph; and the DinoQuest exhibition in conjunction with the Science Centre. Net proceeds of $4.8 million from the IPO will be channelled into business expansion plans that include joint ventures and mergers and acquisitions, particularly in the Mice sector and location-based entertainment space - a new division for the company. The funds raised will also be used to develop proprietary intellectual property (IP) and acquire IP rights from around the world. Regional expansion is also a priority for the the company, which currently employs 166 staff in its Singapore office. Dezign Format is gearing up for expansion in Malaysia, its first overseas market, in the fourth quarter of 2025. The company expects its new 50,000 square feet facility in the Johor Special Economic Zone to boost production capacity while lowering operational costs. It is also eyeing Thailand and Vietnam for future expansion, citing strong growth potential in the Mice sector. The company had first broached the idea of going public in 2019, but those plans had to be put on the backburner due to the pandemic. A post-Covid recovery reignited the company's listing ambitions, with profits rising to $5 million for the financial year ended Dec 31, 2024 from earnings of $3.3 million the year before. Revenue rose to $33.4 million in FY2024, up from $26 million in FY2023. Mr Mike Chong, chief executive and executive chairman of Dezign Format, said while Hong Kong was initially considered, the company ultimately decided to go public in Singapore due to the bulk of its business being located here, as well as proximity to the rest of South-east Asia for expansion. He added that the Government's recent initiatives to revitalise the Singapore stock market, particularly its support for small and mid-cap stocks, also encouraged him to list the company. Dezign Format was established in 1988 by Mr Chong and his elder brother Chong Nen Sing, and has been a family-owned company since. With more second-generation family members joining the company's ranks bringing new ideas and vision, the company also needed to evolve, said Mr Chong. 'With this IPO, our objective is to bring this company forward from a family-run business to a future-ready enterprise with more structure and standardised systems in place. 'This would also attract more talent to join our company, which is very important for staff renewal.' Mr Jonathan Chong, executive director of Dezign Format and son of the older Mr Chong, said the timing to list was ideal for the company's transition from the first to second generation of family business owners. He added that the listing would also increase the company's standing and reputation. 'We want to strengthen the foundation that the first generation of family members have built to forge strategic alliances and partnerships. 'Listing the company would elevate our stakeholders' trust in us and increase our transparency and corporate governance, which is critical for our regional expansion plans.' Dezign Format is the t hird homegrown company to list on the SGX amid a revival in IPOs so far this year, and the second on Catalist. Singapore software company Info-Tech Systems, which listed on the mainboard in July 4, closed Aug 5 at 80 cents, down 12 per cent since listing. In contrast, local property revitalisation firm Lum Chang Creations closed at 38 cents, up almost 21 per cent since it began trading on July 21. Another local firm, semiconductor optics company MetaOptics, lodged its preliminary prospectus for a listing on Catalist on July 30. Two foreign companies have also joined SGX this year: Japan's NTT DC Reit, which is down 6 per cent since going public, and China Medical System, which is down 7 per cent.