French outlet Midi Olympique have published the overall budgets of each of the 14 sides in the Top 14, with Toulouse, Lyon and Stade Français ranking in the top three.
The reigning French champions have been increasing their budget every year, boasting a €55.6m budget, an eight per cent rise in just one year.
These budgets only concern the squads’ salaries, internal investments, infrastructure maintenance, personnel costs, and other operational expenses. JIFF contracts and academy expenditure are not accounted for in the published budget.
The Top 14 has a maximum salary cap of €10.8m, but clubs with players involved in the French national team or those that have been involved in the 2023 Olympics are allowed to exceed this limit slightly. Sides that select more JIFF players in their 23s also receive bonuses if they average 15 JIFF contracted players per game.
Stade Francais
US Montauban
According to journalist Tanguy Scigala and Rugby Scope, “In 2019, Stade Toulousain had a €37.2m budget. However, six years later, the club has grown 50 per cent and now has a €55.6m budget, which demonstrates the Rouge et Noir’s economic strength, leading to several Top 14 and Champions Cup conquests.”
Scigala also mentions that the rise of €10m from 2023 might be related to the requalification of the Stade Ernest-Wallon. In 2024, Toulouse reported their player budget, with the club spending €14m per season in players’ contracts, made up of contract extensions, bonuses and new signings.
Lyon, the former club of the recently elected new LNR president, have significantly increased their budget, going from 2023’s €37.1m to €44.8m in 2025. After losing Davit Niniashvili to La Rochelle, the club made several acquisitions, signing Sam Simmonds, Iosefo Masi, Jiuta Wainiqolo, Gabin Lorré, Thomas Moukoro and Jense Roux.
However, Lyon weren’t the only ones expanding their budget, as Bordeaux Bègles have added €5.8m to its budget since 2023, an increase of 19 per cent in just two years.
While the reasons behind the increase are unclear, the Investec Champions Cup holders have made several structural improvements.
Though every club from the Top 14 has increased their budget, Clermont, Stade Français, Castres, Toulon and Montpellier have only made slight adjustments to theirs, with the latter increasing their budget by 5 per cent.
The Top 14 has been growing for the last 10 years, breaking several records, with this year’s Top 14 Final being a notable example, with 4.2m TV spectators tuning in to watch Toulouse’s epic win over Bordeaux. The LNR had previously announced that the Top 14 averaged 16,000 fans per game, a total of 2.9m in a single season, a first time for the competition.
Top 14 budgets