Business

Tour de France helps family firm make €550m in revenue amid cycling surge

Groupe Armaury, owners of the Tour, saw revenues jump 17%

Danish rider Jonas Vingegaard of team Jumbo-Visma on his way to winning the 16th stage of the Tour de France 2023. Revenue at the family firm that owns the race surged to €550m last year. photograph: EPA

Irene García Pérez
Fri Jul 21 2023 - 07:49

Groupe Amaury, the closely held family business that owns the Tour de France, saw revenue jump by nearly a fifth last year, driven in part by a surging interest in the world’s most famous bike race.

Revenue climbed to €550 million in 2022, a gain of 17 per cent, according to a company representative. Although they declined to break out revenue for Amaury Sport Organization which controls the Tour de France, ASO represented 41 per cent of the group’s revenue in 2021, according to the latest public accounts.

The 110th edition of the world’s most famous cycling race is currently making its way around France, with defending champion Jonas Vingegaard cementing his lead in the 3,405km competition. Founded in 1944 by Emilien Amaury and later inherited by his son Philippe, the family firm is still controlled by Philippe’s widow Marie-Odile Amaury, and owns a variety of flagship brands in France, including media outlets L’Equipe and France Football.

Locked down with few ways to exercise during the pandemic, many fitness fanatics bought $1,500 Peloton stationary bikes or took to racing with friends virtually on cycling app Zwift. Amid that general up tick in cycling interest, the Tour de France has in turn benefited from more racing content on streaming platforms, deals for an official video game, and partnerships with sports social network Strava.

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Last year the race pulled in 41.5 million viewers on French public service broadcaster France Télévisions, the highest since 2011. The three-week tour also enjoyed plenty of pre-race publicity this spring from the gritty Netflix documentary Tour de France: Unchained.

ASO also owns major cycling competitions including Spain’s La Vuelta and Paris-Roubaix, as well as the Paris Marathon and the off road Dakar Rally. ASO declined to provide its most recent revenue figure, citing the “highly competitive environment” in which it operates.

In a booming era for sports financing, where almost all teams and leagues in different competitions across the globe seem to be on sale, the Tour de France remains off-limits. “The group is an independent, family-owned company. We intend to remain independent in order to develop our activities with a long-term vision,” an ASO spokesperson said.

The Tour de France, which was first run in 1903, is one of Group Amaury’s most valuable assets, and one of the few sporting events still controlled by a family office. ASO controls the organisation of the race, including marketing and media coverage. It’s involved in selling television rights, sponsorship and hospitality.

On Sunday Vingegaard will likely claim the coveted yellow jersey in Paris’ Champs Elysees. On the same day, in Clermont-Ferrand – about 400km south of Paris – the Tour de France Femmes will begin.

The women’s Tour has a precedent in the 1980s, but was scrapped in 1989 and only revived last year with the sponsorship of Zwift, a company that offers virtual training for running and cycling. The route covers 956km in one week, compared to 3,405km in three weeks for the men.

“With the support of our partners and significant media coverage, the economic model seems to be on the right track,” said the ASO spokesperson, adding that it would continue to invest in the race to “ensure its sustainability”. – Bloomberg

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