Qatar Sports Investments has owned Paris Saint-Germain for fifteen years and spent, at conservative estimate, north of two billion euros on wages and transfer fees, which means the 900 arrests after Sunday's title celebration are the city's own accounting of how much of that investment reached the squad rather than the street. The flares on the Champs-Elysées look identical to 2013. The ownership document does not.

QSI's acquisition was always a UEFA project: Champions League legitimacy as the delivery mechanism for Qatari soft-power positioning, Ligue 1 titles as the operating condition rather than the ambition. The city's relationship to the club has been managed by the Préfecture de Police rather than rebuilt by the ownership since 2011. That gap does not close with transfer fees. UEFA's Financial Sustainability Regulations, administered through Nasser Al-Khelaifi's simultaneous roles as PSG chairman and BeIN Media Group chairman, carry penalty-point deductions for the 2025-26 monitoring cycle rather than the fines structure that preceded them -- which makes this the first compliance filing season where the answer Al-Khelaifi gives UEFA costs something UEFA directly controls.