Tadej Pogačar’s fifth Tour de France victory has provided another major boost to the commercial story behind one of cycling’s biggest events.
Amaury Sport Organisation (ASO), the French company that organises the Tour de France, generated €374.93 million in revenue in its 2024 financial year — an increase of approximately 17% from the previous year.
The figures highlight the scale of the business behind the world’s most famous cycling race.
The 113th edition of the Tour de France began in Barcelona and travelled across 21 stages through destinations including Catalonia, Carcassonne, Bordeaux, Nevers, Voiron and Paris before Pogačar claimed his fifth victory in the race.
A €375 million sports business
According to ASO’s latest financial accounts, obtained by Palco23, the company closed the financial year ending 31 December 2024 with revenue of €374.93 million.
France accounted for 47% of the total, generating approximately €177.1 million. International markets contributed the remaining 53%, or around €197.7 million.
Merchandising played only a minor role in the business. ASO generated just €3.2 million from merchandise sales.
The overwhelming majority of the company’s revenue came from production and media rights.
Media rights drive the business
Revenue classified in the financial statements as “production rights” reached €315.9 million, representing a 12% increase on the previous year.
ASO attributed the growth primarily to the expansion of several commercial agreements, including deals involving NBC, the European Broadcasting Union (EBU) and LCL.
The company’s mandate to contribute to the organisation of the Paris 2024 Olympic Games also helped boost revenue during the year.
Including other income, ASO recorded total operating revenue of €377.9 million, up from €322.3 million in the previous financial year.
€131 million net profit
ASO recorded approximately €201 million in other purchases and external expenses, while personnel costs reached €16.3 million, around 6% higher than the previous year.
The company also recorded €8.5 million in social security and related charges.
After accounting for its operating expenses, ASO generated an operating profit of €135.9 million, an increase of 23% year on year.
With a financial result of €23.5 million, the company ultimately closed the year with a net profit of €131 million, compared with €114 million in 2023.
The business behind the Tour de France
ASO is a subsidiary of the Éditions Philippe Amaury media group, which also owns French sports newspaper L’Équipe.
The company reported total assets of €575.6 million and shareholders’ equity of nearly €420 million. Retained profits from previous years stood at €213.4 million, highlighting the strength of its balance sheet.
Pogačar’s fifth Tour de France victory has strengthened the sporting narrative around the event. But ASO’s financial results underline a broader reality: the Tour de France is far more than a cycling race.
Behind the 21 stages lies a global sports business built on media rights, international events, commercial partnerships and Olympic expertise.
The Tour de France is one of the clearest examples of how a sporting event can evolve into a powerful media and entertainment business — with ASO generating nearly €375 million in annual revenue from the wider ecosystem surrounding the race.