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WSJ : Copper Is 2025’s Hottest Commodity

Copper Is 2025’s Hottest Commodity
Suppliers and domestic manufacturers are rushing to move copper into the U.S. ahead of potential import taxes

Copper prices in the U.S. have surged ahead of those in the rest of world and hit a record last week, a sign the mere threat of tariffs is lifting costs for domestic manufacturers.

Benchmark U.S. copper futures ended Friday at $5.1125 a pound, up 28% this year. That compares with a 13% gain to $9,795 a metric ton—or about $4.44 a pound—on the London Metal Exchange, which is the global trading hub.

It is an unprecedented gap in prices that have otherwise moved for decades in near lockstep.

Copper suppliers and domestic manufacturers that consume it are rushing to move the metal into the U.S. ahead of import taxes that have been threatened by President Trump.

Copper is used in manufacturing everything from automobiles to mobile phones and in construction, where it is used to convey electricity and water in wires and pipes. Consumption surged in recent decades as China modernized and has lately gotten a boost from the growth in renewable energy production and the boom in data-center construction.

U.S. copper futures have been the top performer among major commodities in the first quarter. Prices for the industrial metal last week topped the record set in May but have since pulled back. Copper’s gains have outpaced the 24% rise in lumber futures, which was also fueled by uncertainty over tariffs.

The price gap in the copper market has opened a lucrative window for traders to buy abroad and deliver to panicked U.S. buyers.

The cancellation rate of warrants on the LME, which signifies buyers’ intent to take physical delivery of their copper stored in the exchange’s warehouses, has lately been about five times what it was over the prior year, according to Morgan Stanley analysts.

Meanwhile, Chinese smelting costs have plunged—and even occasionally turned negative. That means copper processing facilities there are having such a hard time finding raw copper that they are willing to lose money to get enough material to keep running, said Steve Schoffstall, director of ETF product management at Sprott Asset Management.

Those are signs that a flood of copper is flowing out of warehouses around the world and headed stateside.

A similar trans-Atlantic trend has played out recently in the gold market, which is also bracing for tariffs. And the market dynamics have shades of Europe’s scramble for cargoes of liquefied natural gas following Russia’s 2022 invasion of Ukraine, which had tankers making U-turns midocean.

“Copper that might have been destined for other parts of the world is now being rerouted to the U.S. to take advantage and arbitrage that premium,” said Schoffstall, whose firm runs funds that buy and hold copper and invest in mining companies.

Earlier this month, Trump invoked the Defense Production Act with an executive order aimed at boosting the domestic output of minerals, including copper.

In February, he ordered the Commerce Department to open an investigation under Section 232 of the Trade Expansion Act, which covers national security threats, and examine copper imports. He has also signed an order advancing a 211-mile private industrial road into Alaskan mining country.

Beyond that, Trump has mentioned copper as a target of tariffs, without offering many details. He imposed a 25% levy on aluminum and steel and has threatened broad 25% tariffs on imports from Canada and Mexico, both big suppliers to the U.S.

“Investors aren’t waiting around to find out what the tax could be,” said Adam Turnquist, chief technical strategist for LPL Financial.

Glencore, one of the world’s largest copper producers, estimates the global copper supply must grow by about one million metric tons a year through 2050 to meet rising demand. That would require annually adding production equivalent to the world’s largest copper mine, Chile’s Escondida. Even if such rich deposits are found, it can take decades for mines to move from discovery to production—nearly three, on average, in the U.S.

The expected imbalance between supply and demand has analysts and traders optimistic about the long-term prospects for copper prices.

Economic stimulus in China and better-than-expected economic data in Europe bode well for near-term copper demand. Yet analysts say that since the recent price jump reflects demand being pulled forward, prices are likely to decline later this year regardless of whether Trump implements tariffs.

“In fact, if U.S. tariff policy starts to have an increasingly negative impact on the U.S. economy, demand concerns could put additional pressure on prices,” Commerzbank analyst Thu Lan Nguyen wrote in a note to clients.

FT : England’s road-building budget cut by 5%

England’s road-building budget cut by 5%
Allocation to National Highways is lower than current year

Ministers have quietly cut England’s road-building and repair budget for the coming year, with a £4.8bn funding pot for major highways being around 5 per cent lower than the current allocation. 

Sir Keir Starmer declared that the sum announced last week for National Highways would “deliver vital road schemes and maintain major roads across the country to get Britain moving”. 

But the figure for the year 2025-26 is lower than the £5.07bn the agency receives in the current financial year, according to details published in the agency’s budget, industry figures said.

National Highways — which was previously called Highways England and deals with major roads — usually receives funding for five-year regulatory periods set by the transport department. The current five-year period concludes at the end of this month, while the next will not begin until April 2026. The £4.8bn was a one-year settlement to bridge the gap. 

One government official admitted that the 2024-25 figure was higher than that for the coming year — but he stressed the £4.8bn figure was still higher than the average of £4.6bn from the current five-year programme that is about to end. 

“Funding will fluctuate year on year as schemes are in different phases of delivery,” he said.

The Department for Transport also highlighted the £4.6bn figure, and said the “interim funding is to progress existing road schemes such as the A428 Black Cat” — a reference to a roundabout project in Bedfordshire on a crucial road system linking Milton Keynes and Cambridge.

It added: “We are committed to delivering road infrastructure which boosts growth and connectivity, and are working on the next multiyear road investment strategy for a long-term approach to achieve this.”

Ministers also this week announced a “record” £1.6bn fund for councils to help fix local potholes. Transport department officials said this was more generous than in previous years, but were unable to give equivalent data because of the way the figure is calculated.

Liberal Democrat local government spokesperson Vikki Slade called the cuts to National Highways’ budget “shocking”.

She said: “Our roads are crumbling and we are in the midst of a pothole pandemic. The Conservatives slashed funding for our transport and maintenance works. The Labour Government seem content to follow the Conservatives’ terrible record and hope no one notices.”

Noble Francis, economics director at the Construction Products Association, said that road building had declined over the past three years, and the industry is expecting another fall this year after the government delayed its planned roads investment strategy and cut projects including the Stonehenge Tunnel in the last Budget.

“The government keeps talking about investment and growth but cutting road projects isn’t the way to deliver that. What is needed is government investment that will give the private sector the confidence to invest in jobs and technological innovation,” he said.

Stephen Glaister, emeritus professor of transport at Imperial College, said he was disappointed by the cuts given that roads carry 90 per cent of freight and 90 per cent of passengers in the UK.

“Correctly chosen road schemes offer some of the most productive investment available,” he said. “Congestion and poor road maintenance are very damaging to economic growth but both this government and the previous have delayed the five year road strategy, which threatens confidence.”

The AA said that private motorists contribute ÂŁ43bn a year in tax to the Treasury, according to its calculations.

“Cancelling road projects and not reducing congestion hits haulage efficiency and therefore creates a drag on UK business. That is at odds with government ambitions to improve economic growth.” 

FT : Dutch pensions to invest €100bn in risky assets boosting Europe’s defence e

Dutch pensions to invest €100bn in risky assets boosting Europe’s defence efforts
APG boss says largest part of investment to be within bloc owning to ‘attractive valuations’

Dutch pension funds are set to plough tens of billions of euros into risky assets in Europe, as their move to a system without fixed benefits supports the continent’s efforts to attract investment and bolster its defence sector.

Reforms being rolled out in the Netherlands could lead to its €2tn pensions industry — one of the largest in the world — boosting investment in private equity and credit investments by about 5 percentage points over the next five years, said the head of the biggest Dutch asset manager.

The “largest part” of the anticipated €100bn is expected to be deployed in Europe owing to “more attractive valuations” and a wish to have a “real-world impact”, Ronald Wuijster, chief executive of APG Asset Management, told the Financial Times.

He added that Dutch funds might be able to do “even more” to finance defence initiatives in the continent, saying that APG had already invested about €2bn in companies that contribute to the defence industry.

Wuijster’s comments came as the EU has been under pressure to raise defence investment, with former European Central Bank president Mario Draghi last year calling on the bloc to boost investments by €800bn annually to keep up with US and China. US President Donald Trump has also demanded governments shoulder a greater burden for Europe’s security.

“There used to be a penalty for private investments and for credit risk that is now diminishing, which increases the budget to take more risk,” Wuijster said.

He added that the reforms would allow investors to consider assets with “a slightly higher risk profile”, predicting an increase of “five-ish” percentage points in risky assets, as well as higher allocation to private assets and credit spreads. 

In 2023, Dutch senators passed a law to transition the country’s occupational pension system into a model in which pension funds no longer guarantee a fixed retirement income to members. The transition is expected to take place between 2025 and 2028.

The old defined benefit system pushed the schemes into liquid, low-risk assets such as government bonds by requiring pension funds to closely match assets with long-term pensions owed.

The funds will now be able to set target returns that can fluctuate with market movements, removing some liability driven constraints and increasing their risk appetite.

This was a significant step because “psychologically, it puts the funds closer to regular lifecycle investing . . . and on that measure, Dutch pensions are probably taking too little risk”, Wuijster said. 

ABP, which is responsible for the pensions of Dutch civil servants and is by far the largest fund managed by APG with €544bn of assets, expects to transition to the new system by 2027.

At the end of last year, just over a quarter of ABP’s assets were in private markets. About 40 per cent of its private equity exposure was in Europe, which also had 57 per cent of its global allocation in private credit.

Wuijster said this geographical balance could continue under the new system, and that the shift into private assets and credit would be “a very gradual process” taking place “over the next five years”. 


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FT : Isar declares rocket launch a success despite crash on first attempt to rea

Isar declares rocket launch a success despite crash on first attempt to reach orbit
Chief executive Daniel Metzler says flight demonstrates company’s capability

Rocket start-up Isar Aerospace has become the first company to attempt a vertical launch into orbit from western Europe, but its two-stage Spectrum launcher pitched over and crashed back to earth within seconds of lift-off.

Sunday’s launch from Andþya Space Center in Norway came after several aborted missions due to uncertain weather conditions in the snowbound spaceport north of the Arctic Circle.

The test flight is still a significant step for European ambitions to develop sovereign launch capabilities through the private sector amid tensions with the US over the war in Ukraine and relationship with Russia.  

Daniel Metzler, co-founder and chief executive of Munich-based Isar, told the Financial Times ahead of the launch that the company had been inundated with inquiries from defence customers in recent months, and that pressure from US President Donald Trump had changed the dynamics of the market for launch services.

“Up until last year, 95 per cent of the missions we were talking about were commercial. Now it’s maybe 50 per cent because the amount of defence missions just skyrocketed,” he said.

“We are seeing more and more government missions coming up, because Trump is having his effect on European defence,” said Metzler. “It seems that Europe is waking up.”

Last June, Nato’s Innovation Fund joined several other new investors in a £220mn series C fundraising that valued Isar, founded by PhD students in 2018, at roughly $1bn. At the time, Metzler said military customers were not expected to account for more than 20-30 per cent of demand in the near future. 

The mission, dubbed “Going Full Spectrum”, launched under clear skies at 12.30pm CET. But just 30 seconds into flight, the rocket appeared to pitch over, its engines flaming.

Although the rocket failed to reach orbit, Metzler hailed it as a success. “Our first test flight met all our expectations, he said. “We had a clean lift-off, 30 seconds of flight and even got to validate our Flight Termination System.” Ahead of the launch, he had said reaching orbit had never been the main goal, noting that no start-up had successfully launched a rocket into orbit on its first flight.

“Even [a] 30-second flight would put us in the top one-third of global companies in terms of how far we get on our first try,” he said. 

Isar is one of several European start-ups, including Rocket Factory Augsburg of Germany, Orbex and Skyrora in the UK, MaiaSpace of France and PLD of Spain that are attempting to tap into booming demand for satellite launches. 

The European Space Agency last week fired the starting gun on its Launcher Challenge, which aims to promote the development of sovereign, private sector launch capabilities in Europe. 

Isar’s Spectrum rocket, standing at 28 metres tall and manufactured using carbon composite and 3D printed parts, is designed for small to medium satellite launches, with a capacity of up to 1,000kg. The test flight was not carrying any satellites.

Metzler said the flight had been a success because “the goal on first flight is really to show that we can launch a rocket”.

“We’ve shown that we can design a rocket, we’ve shown we can build a rocket. We’ve shown that we can build a spaceport. Now it’s about showing that we can build and actually launch the rocket.”

Isar will now examine the data from the first flight before deciding when to schedule the next launch. It has certification to launch up to 15 times a year from Norway and it has signed to launch rockets from Europe’s spaceport in French Guiana. 

Isar is building a new manufacturing facility in Munich capable of producing up to 40 rockets a year. However, it would take several years to reach this cadence, Metzler said. The Isar chief said the company’s launches were fully booked through early 2027.

FT : Beijing launches $72bn capital injections at biggest banks

Beijing launches $72bn capital injections at biggest banks
Share sales part of authorities’ bid to boost lending amid economic slowdown

Four of China’s biggest banks will raise a combined Rmb520bn ($72bn) through share sales to investors including the Ministry of Finance, as Beijing seeks to shore up its vast banking sector against pressing economic woes.

Bank of China, Bank of Communications, Postal Savings Bank of China and China Construction Bank said they would raise Rmb165bn, Rmb120bn, Rmb130bn and Rmb105bn respectively in stock exchange filings on Sunday.

The Ministry of Finance will be a major investor in the capital raise by the four banks, which are all state-owned and collectively had about Rmb10tn in capital as of last June.

The rare government-directed injections will increase the banks’ core tier one capital — a gauge of equity that regulators use to limit leverage — and are part of a series of official support measures that have since last September aimed to restore confidence in the world’s second-largest economy.

China is grappling with the threat of deflation, weak consumer spending and a property slowdown now well into its fourth year, and policymakers have recently adapted a more urgent tone as they try to restore confidence.

The country’s biggest banks face margin pressure and the capital increase, which was previously flagged by authorities, is part of a push to boost lending amid continued weakness across an economically critical property sector. 

Bank of China’s net interest margin — a measure of profitability — fell to 1.4 per cent last year, from 1.59 per cent, while at Bank of Communications it narrowed slightly to 1.27 per cent.

Authorities set a GDP growth target of 5 per cent for 2025 at a meeting of top policymakers this month, where they also pledged to issue Rmb500bn in special bonds to fund the capital injections into the banking sector.

Chinese exports are subject to fresh tariffs from the Trump administration in the US, which were initially an additional 10 per cent in February before being doubled this month to 20 per cent. Exports last year were a driver of growth as falling house prices weighed on consumption.

“The injections would boost the availability of funds to support the country’s growth amid tariff headwinds,” wrote analysts at S&P Global this month. They added that the “megabanks play an important role in supporting the government’s social and economic initiatives via lending to policy promoted areas”.

Policymakers initially signalled a recapitalisation of China’s biggest banks in September last year when Beijing unveiled cuts in mortgage rates and stock market buybacks. The equity market subsequently rebounded after years of declines, with the CSI 300 gauge of Shanghai- and Shenzhen-listed stocks up more than 10 per cent in the past year.

But the property sector is still weighing heavily on confidence, with new home prices declining in February and investment in development down 10 per cent on last year. Chinese property developers have about $12tn of liabilities in total, according to a 2023 estimate from the National Bureau of Statistics.

Le Figaro : À qui reviendront les clĂ©s du Stade de France? Dans les coulisses d’

À qui reviendront les clĂ©s du Stade de France? Dans les coulisses d’une bagarre oĂč tous les coups sont permis

ENQUÊTE - À la surprise gĂ©nĂ©rale, l’État a entamĂ© des nĂ©gociations exclusives en dĂ©cembre avec l’entreprise familiale GL Events, dans la perspective de lui confier l’exploitation de cette enceinte pour les 30 prochaines annĂ©es. Depuis le dossier semble engluĂ©. Et le consortium concurrent, composĂ© de Vinci et Bouygues, n’a pas dit son dernier mot.

Les Bleus de Didier Deschamps vont-ils jouer leurs matchs de qualification pour la Coupe du monde de football 2026 au Stade de France cet automne ? Des grands noms de la musique s’y produiront-ils pendant l’étĂ© 2026 comme les annĂ©es prĂ©cĂ©dentes ? Autant de questions sans rĂ©ponse qui montrent dans quel abĂźme est plongĂ©e la plus grande enceinte de l’Hexagone (80.000 places). La cause de ce pataquĂšs XXL ? La construction et la gestion de cette infrastructure a Ă©tĂ© confiĂ©e pour 30 ans Ă  un consortium composĂ© de Vinci Ă  67% et de Bouygues Ă  33%. Cette concession se termine le 4 aoĂ»t. Et aujourd’hui, personne ne sait qui aura les clĂ©s du stade le 5 aoĂ»t. L’État a bien relancĂ© un appel d’offres pour choisir un exploitant jusqu’en 2055. Mais la bataille n’a pas livrĂ© son verdict.

Deux adversaire se livrent Ă  un combat sans merci pour dĂ©crocher ce nouveau contrat. D’un cĂŽtĂ©, le poids lourd Vinci-Bouygues, Ă©manation des deux majors du BTP. De l’autre, le poids moyen GL Events, qui a dĂ©montrĂ© son savoir-faire de spĂ©cialiste de l’évĂ©nementiel lors des Jeux olympiques Ă  Paris. Le champion en titre, qui a exploitĂ© ce stade pendant trois dĂ©cennies, partait avec les faveurs du pronostic pour renouveler son bail. Quand ses deux gĂ©ants rĂ©alisent un chiffre d’affaires cumulĂ© de 127 milliards d’euros, l’entreprise lyonnaise affiche 1,6 milliard de ventes. Dans le domaine des travaux, la balance pĂšse aussi en faveur du consortium : il promet d’investir plus de 400 millions d’euros dans la rĂ©novation du Stade de France, contre 120 millions pour l’opĂ©rateur lyonnais.

«Ouvrir le Stade de France Ă  d’autres sports»

Et, pourtant, Ă  la surprise gĂ©nĂ©rale, c’est avec GL Events que l’État est entrĂ© en nĂ©gociations exclusives le 10 dĂ©cembre, dans la perspective de lui confier les clĂ©s du Stade de France. Le Petit Poucet a donc gagnĂ© la premiĂšre manche. « Personne ne s’y attendait car, en plus, GL Events a peu ou pas d’expĂ©rience dans la gestion de grands stades Ă  la diffĂ©rence de Vinci et Bouygues», souligne un expert du dossier.

Concession du Stade de France : les dessous des négociations entre les fédérations de foot et de rugby et GL Events : http://www.lefigaro.fr/sports/rugby/concession-du-stade-de-france-les-dessous-des-negociations-entre-les-federations-de-foot-et-de-rugby-et-gl-events-20250313

Outre le Stade de France, Vinci exploite trois grands stades en France (l’Allianz Arena Ă  Nice, le Matmut Atlantique Ă  Bordeaux et le MMArena au Mans). L’entreprise familiale rhodanienne, elle, opĂšre seulement le stade de Gerland (36.000 places) Ă  Lyon. Ce choix nourrit d’autant plus la curiositĂ© que le patron de GL Events, Olivier Ginon, ne veut pas dĂ©voiler comment il compte rĂ©veiller le Stade de France. À peine apprend-on dans son entourage qu’«on pourrait ouvrir le Stade de France Ă  d’autres sports», que le football et le rugby.

Une absence d’explications qui fait le lit des rumeurs. Certaines mauvaises langues insinuent que la proximitĂ© d’Olivier Ginon avec Emmanuel Macron nouĂ©e lors de la campagne prĂ©sidentielle de 2017 ne serait pas pour rien dans la bonne fortune de GL Events sur ce dossier. À l’époque, le futur prĂ©sident de la RĂ©publique avait fait plusieurs meetings dans des salles - notamment la MutualitĂ© Ă  Paris - louĂ©es par l’entreprise lyonnaise Ă  des tarifs qui semblaient trop avantageux. Mais la Commission nationale des comptes de campagne (CNCCFP) avait assez vite clos le dĂ©bat. En mai 2018, elle avait estimĂ© que les remises obtenues auprĂšs de ce prestataire de services Ă©taient « acceptables » et que d’autres candidats avaient bĂ©nĂ©ficiĂ© de ristournes similaires.

Une bonne affaire financiĂšre

Le dossier Stade de France n’avance plus depuis la fin 2024. Le nom de l’exploitant du stade devait ĂȘtre connu fin janvier, puis fin fĂ©vrier, par l’attribution dĂ©finitive du contrat de concession. Fin mars, il n’est toujours pas dĂ©voilĂ©. ForcĂ©ment, l’entreprise qui se voit le plus proche de gagner trĂ©pigne d’impatience. Dans Le Parisien Dimanche du 23 mars, le patron de GL Events, Olivier Ginon, mettait un coup de pression aux pouvoirs publics : « On est en nĂ©gociations exclusives. On a gagnĂ© le Stade France. Maintenant, il faut qu’on nous le donne. »

Si les pouvoirs publics se hĂątent lentement, c’est que la filiale des deux gĂ©ants du BTP attaque l’État en justice avec une volontĂ© claire : obtenir que l’administration revienne sur sa dĂ©cision d’avancer avec GL Events sur le Stade de France. Et l’État n’a probablement pas envie d’attribuer un contrat tant que ces recours judiciaires ne se sont pas purgĂ©s. Cela ferait dĂ©sordre de devoir se dĂ©dire dans une affaire aussi mĂ©diatique. De fait, les deux groupes de BTP ne s’avouent pas battus car gĂ©rer le Stade de France, connu dans le monde entier, est une bonne rĂ©fĂ©rence Ă  l’international et plutĂŽt une bonne affaire financiĂšre : en 2023, le consortium a fait un profit net de 11,3 millions d’euros pour un chiffre d’affaires de 73,9 millions.

«La FFF n’est pas dans l’obligation de trouver un accord» : les Bleus pourraient-ils quitter le Stade de France ? : http://www.lefigaro.fr/sports/football/equipe-de-france/la-fff-n-est-pas-dans-l-obligation-de-trouver-un-accord-les-bleus-pourraient-ils-quitter-le-stade-de-france-20250116

ConcrĂštement, la filiale de Vinci et de Bouygues a saisi le tribunal administratif de Montreuil pour pointer ce qu’elle estimait ĂȘtre des irrĂ©gularitĂ©s du cĂŽtĂ© de l’entreprise lyonnaise : dans son offre, cette derniĂšre n’avait pas nouĂ© de partenariat avec un groupe de construction alors que la sociĂ©tĂ© a un programme de travaux de 120 millions. Et le groupe d’Olivier Ginon s’appuie sur la SEM (SociĂ©tĂ© d’économie mixte) parisienne qui gĂšre l’Accor Arena et l’Adidas Arena sans qu’on sache prĂ©cisĂ©ment quel rĂŽle jouerait cette structure au cas oĂč GL Events serait retenu pour gĂ©rer le Stade France. Le tribunal administratif a donnĂ© tort au consortium. Mais ce dernier a fait appel devant le Conseil d’État oĂč une audience est prĂ©vue le 9 avril. « Habituellement, cette juridiction rend ses arrĂȘts sous quinze jours, dĂ©crypte un avocat. Compte tenu du caractĂšre brĂ»lant de l’affaire, le dĂ©lai pourrait ĂȘtre plus court. »

MĂȘme si la dĂ©cision de la justice Ă©tait encore favorable Ă  GL Events, elle risquerait de tomber un peu tard pour remplir le calendrier du Stade de France. Dans la musique d’abord. « Nous avons six ou sept artistes internationaux en tournĂ©e en 2026, susceptibles de remplir une telle enceinte, explique Angelo Jopee, directeur gĂ©nĂ©ral de Live Nation qui organise de trĂšs gros concerts. Mais les dates de ces mĂ©ga Ă©vĂ©nements se fixent 12 Ă  18 mois Ă  l’avance. Comme depuis quelques mois nos interlocuteurs au Stade de France ne peuvent pas s’engager sur la programmation de 2026, ces stars risquent de ne pas y jouer l’annĂ©e prochaine. »

À la place, les grands noms internationaux du rock ou de la pop-variĂ©tĂ© pourraient faire un concert supplĂ©mentaire dans un trĂšs grand stade de Londres. Et les deux concerts d’ACDC le 9 et le 13 aoĂ»t alors que la concession sera terminĂ©e ? Compte tenu de la situation, le producteur de ces concerts a obtenu que les deux concurrents en lice pour gĂ©rer le Stade de France lui envoient chacun une lettre s’engageant Ă  travailler avec lui s’il gagnait l’appel d’offres. Et rien de plus. Un peu rock : il ne faudrait pas que les fans d’Angus Young, le guitariste d’ACDC connu pour son costume d’écolier et ses culottes courtes, soient privĂ©s de son show Ă  cause d’un appel d’offres mal menĂ©...

Un rétro-planning serré

Dans le football, c’est aussi la bouteille Ă  l’encre. Concernant les trois matchs des Bleus Ă  domicile de l’automne (France-Islande le 9 septembre, France-AzerbaĂŻdjan le 10 octobre, France-Ukraine le 13 novembre), la FĂ©dĂ©ration française de football (FFF) n’a plus que quelques jours pour signaler aux instances du football international oĂč se dĂ©rouleront ces rencontres. « Nous avons lancĂ© un appel d’offres Ă  ce sujet, raconte au Figaro Philippe Diallo, prĂ©sident de la FFF. Les rĂ©ponses des stades doivent ĂȘtre rendues le 5 avril. Notre Comex tranchera le 17 avril pour dĂ©cider quelle enceinte accueillera quel match. Et nous transmettrons notre dĂ©cision dĂ©but mai Ă  l’UEFA (Union europĂ©enne du football association). »

De toute façon, les fĂ©dĂ©rations de foot et de rugby peuvent maintenant faire jouer la concurrence entre les stades. « À la diffĂ©rence de la pĂ©riode prĂ©cĂ©dente, les fĂ©dĂ©rations n’ont aucune obligation de disputer ces rencontres Ă  Saint-Denis, dĂ©crypte un expert du secteur. Ce sont donc elles qui ont la main et jouent du rapport de force pour payer moins cher la location du stade et obtenir plus de prestations. »

Et mĂȘme si l’heureux laurĂ©at du contrat de concession est dĂ©signĂ© le mois prochain, le rĂ©tro-planning sera trĂšs serrĂ© d’ici le 5 aoĂ»t. Il devra, avant cette date, trouver un accord avec la FĂ©dĂ©ration française de rugby (FFR) et la FFF sur le long terme : pour que la concession soit rentable, l’exploitant a besoin que ses deux plus gros clients s’engagent sur plusieurs annĂ©es Ă  ce que leur Ă©quipe nationale masculine respective dispute plusieurs rencontres annuellement.

C’est avec la FFR que les discussions sont le plus avancĂ©es. « Nous nous sommes mis d’accord avec GL Events sur quatre points : pas plus de quatre matchs par an des Bleus, une baisse trĂšs forte du loyer, un pourcentage de reversement sur les loges et des hospitalitĂ©s conformes Ă  ce qui nous est proposĂ© en province et une clause de sortie au bout de douze ans, et non trente ans, explique au Figaro Florian Gril, prĂ©sident de la FFR. Mais on n’a pas encore signĂ© le contrat. Jouer en province fait partie des options possibles.» En revanche, pas question de chantage : si la FFR cherche une solution pour que l’État éponge le dĂ©ficit abyssal (plus de 50 millions d’euros) provoquĂ© par l’organisation de la Coupe du monde de rugby 2023 en France, elle ne lie pas les deux sujets. La FFF, elle, est loin d’un accord avec GL Events. Programme de travaux, modĂšle Ă©conomique... elle semble avoir beaucoup d’interrogations sur ce que pourrait proposer le groupe lyonnais.

Le PSG pas intéressé

Un gĂąchis que l’État aurait pu Ă©viter s’il avait Ă©coutĂ© les conseils de la Cour des comptes : dans un rapport sur le Stade de France rendu Ă  l’automne 2018, les magistrats de la rue Cambon lui recommandaient de « dĂ©cider au plus tard au cours de l’annĂ©e 2019 de l’avenir du Stade de France aprĂšs 2025, privilĂ©giant une option de dĂ©sengagement des finances publiques, notamment la cession de l’ouvrage au profit d’une structure capitalistique associant les fĂ©dĂ©rations françaises de rugby et de football. » Comme souvent, les pouvoirs publics se sont rĂ©veillĂ©s en retard. Avec un processus lancĂ© en fĂ©vrier 2023 comprenant deux possibilitĂ©s : soit la vente de l’enceinte soit sa remise en concession pour 30 ans.

La piste de la vente s’est vite dĂ©gonflĂ©e. MĂȘme s’il voulait quitter le Parc des Princes, le PSG des Qataris, qui constituait le seul acheteur potentiel crĂ©dible, n’a pas remis d’offre. « Je n’ai jamais cru Ă  l’option de la vente, explique Emmanuel GrĂ©goire, candidat Ă  la candidature PS pour les municipales Ă  Paris de 2026. D’abord, cela nĂ©cessitait l’adoption au parlement du dĂ©classement du domaine public pour le Stade de France. Ensuite, cela aurait posĂ© trop de problĂšmes Ă  la FĂ©dĂ©ration française de football et Ă  la FĂ©dĂ©ration française de rugby car les Qataris n’auraient probablement pas acceptĂ© que les Ă©quipes de France de foot et de rugby continuent Ă  jouer des matchs dans ce stade.» La suite, on la connaĂźt : l’État a dĂ©cidĂ© de rester propriĂ©taire du Stade de France et de le remettre en concession pour 30 ans. À ses risques et pĂ©rils avec un tel retard Ă  l’allumage.