CVC investment fund demands LFP president Vincent Labrune reimburse €1.5 million
Today at 10:59 AM
According to a report by L'Équipe, the CVC investment fund have demanded the president of the LFP Vincent Labrune reimburse them €1.5 million, corresponding to half of his salary for two years (€600,000) and €300,000 in expenses.
The French outlet writes that Édouard Conques and Jean-Christophe Germani of CVC have asked Labrune to repay this amount after they discovered that half of the president's salary was being paid by LFP Media (which LFP executives and CVC representatives both control).
In September 2022, Labrune was granted a raise from €400,000 to €1.2 million by the LFP board of directors. The deliberations over this were kept confidential and were reportedly not recorded in the official minute-by-minute for the meeting.
Labrune is then alleged to have invoiced half of his new wage to LFP Media without consulting CVC who own a 13% share in the company after they invested €1.5 billion into the fledgling subsidiary when it was created in 2022.
L'Équipe writes that this went unnoticed because this payment was included in the organisation’s global budget alongside the operating costs of the LFP covered by the commercial company (such as human resources, accounting, finances, and other areas).
The CVC had not been consulted on Labrune's wage increase, and they did not believe that their agreements had provided for remunerations for the president of the commercial company, nor did they believe that this expense should be paid for by the LFP Media
Negotiations over Labrune's repayment to CVC are reportedly close to being agreed, and the LFP has allegedly apologised and declared that they had operated in error.
