Nasser Al-Khelaifi is about to mark his 800th game as president of Paris Saint-Germain when they face Nantes on Wednesday.

Under Luis Enrique, PSG seem positioned to defend the Champions League title they won for the first time, reaching the semi-finals for a third consecutive season. The recent success hasn’t come from focusing solely on big-name stars. Instead, the club has shifted away from relying on high-profile players like Lionel Messi, Kylian Mbappe, and Neymar. PSG now emphasises a youth-driven approach, highlighting French talent, aiming to win trophies while maintaining a sustainable model.

This grassroots focus is embodied by the €300 million PSG Campus in Poissy, a facility that’s considered crucial for the club’s future. “What you see today is the outcome of a world-class sports facility and classroom. It’s here that Paris Saint-Germain’s future will be shaped, not bought,” goes the sentiment.

Looking back, PSG’s journey under Al-Khelaifi can be divided into three key phases. The first began with QSI’s takeover in June 2011, when they acquired 70% of the club from Colony Capital and then the remaining 30% a year later. At that time, PSG’s commercial revenues were modest, just €99 million in 2010/11, and the Parc des Princes was notably silent; ultras had been banned after a tragic incident in 2010. Restoring that passionate atmosphere became an early priority for Al-Khelaifi, who worked closely with city authorities to bring the ultras back in 2016.

The second phase was defined by the “Galacticos” era. Big names and heavy investment put fans in seats and made PSG a global brand. Transfers included Neymar’s record-breaking €222 million move, Mbappe’s €180 million arrival, and Messi’s free transfer from Barcelona. Alongside these, players like Edinson Cavani, Angel Di Maria, Mauro Icardi, and Zlatan Ibrahimovic came through. Although domestic success was achieved, European glory remained elusive. Yet these stars expanded PSG’s international presence, growing their fanbase and turning the club into a recognisable name in around 100 countries, complete with official stores, supporter groups, and academy sites.

Interestingly, the draw for younger fans wasn’t just players on the pitch but also off-field ventures like their partnership with Jordan, which positioned PSG as a lifestyle brand transcending football. Financially, this period brought significant growth: club valuation soared to €4.25 billion by 2025, matchday revenues increased seven times over the 2010/11 figures, and commercial income grew twenty-fivefold.

The third phase, beginning around summer 2023, marks a shift towards sustainability and youth focus. Messi’s departure to Inter Miami and Neymar’s sale to Al-Hilal were notable exits not followed by blockbuster signings. Instead, PSG acquired promising French talents like Hugo Ekitike for €30 million, a relative bargain considering his subsequent move to Liverpool for nearly three times that fee. Other signings, including Ousmane Dembele, Bradley Barcola, Randal Kolo Muani, and Lucas Hernandez, underlined PSG’s strategic emphasis on French players with nearly €200 million spent in the domestic market.

Mbappé's later transfer to Real Madrid stirred controversy, as PSG held him to his word of not leaving for free and withheld part of his pay, but eventually lost a tribunal ruling requiring them to pay €60 million. Yet internally, sources suggest the club saw this departure as an opportunity. They aimed to build a team around chemistry and collective identity under Luis Enrique, moving away from star-driven egos.

Together with sporting director Luis Campos, Al-Khelaifi has overseen a squad makeover since Mbappe’s exit. Winning the Champions League with one of Europe’s youngest squads, just behind Chelsea and Strasbourg, was a defining moment that helped shake off PSG’s “nearly men” reputation. Now with a challenging tie against Bayern Munich approaching, defending the title this season seems within reach.

Looking ahead, the focus is on stability and continued success. Al-Khelaifi is PSG’s longest-serving president, with over 5,283 days at the helm, while Campos and Enrique remain committed. Enrique, who joined in July 2023 with a contract through 2027, is understood to be close to extending until 2030. Despite rumours linking him to Manchester United, Enrique has not seriously contemplated leaving Paris.

Infrastructure-wise, the PSG Campus plays a vital role, already producing talents like Warren Zaïre-Emery, Senny Mayulu, Yoram Zague, and Ibrahim Mbaye, who set a record as PSG’s youngest player ever. Last season, PSG fielded the youngest Ligue 1 winning squad in history and ranks second youngest to win the Champions League, trailing only Ajax’s 1994/95 team.

One pending major decision concerns the club’s stadium situation. PSG currently rents Parc des Princes, which seats 47,929, and isn’t willing to invest €500 million in renovations unless ownership is secured. Political shifts in Paris, such as the more receptive stance of current officials compared to predecessors, mean buying the stadium remains a possibility. Alternatively, plans for a new stadium near the academy in Poissy or a larger venue in Massy, about 15 kilometres south of Paris, are in play. The final choice is expected by summer 2027.

In recent developments, Arctos Partners took a 12.5% stake in PSG, valuing the club above €4 billion. This private equity firm, also involved in several NBA teams, is active in PSG’s strategic planning, especially regarding stadium ambitions. QSI has also expanded investments beyond PSG, buying stakes in clubs like Braga, which are competing strongly in Europe’s Europa League, and Belgium’s Eupen, while supporting other sports such as padel, judo, handball, and esports. They’re reportedly in talks about launching a Paris-based basketball team through NBA Europe.

Al-Khelaifi, who chairs the newly rebranded European Football Clubs group, remains central to PSG’s larger sporting vision. The club was named Laureus World Team of the Year recently, shortly after securing six titles in 2025, including their first Champions League trophy. In his acceptance, Al-Khelaifi emphasised that PSG’s strength comes from collective effort, both on and off the field, and expressed pride in representing Paris, French football, and the country internationally, using sport to unite people and foster a positive impact.

As he approaches what could be 1,000 games as PSG president by 2030, the hope is that the club achieves dominance in Europe to match its standing in French football.

The Portuguese central midfielder won’t be available for PSG’s Ligue 1 match against Nantes on Wednesday due to heel inflammation.

Luis Enrique mentioned that they’ll take a cautious approach to monitor how the injured players might recover. When asked if Vitinha would be back for next Tuesday’s semi-final first leg at Parc des Princes, he admitted uncertainty.

He also spoke with PSGTV about managing Vitinha’s minor injury while noting that some players are feeling a bit tired or dealing with minor issues.

If Vitinha is sidelined, Fabian Ruiz could step in to fill that vital role in PSG’s midfield. Along with Vitinha and Joao Neves, Ruiz was part of the core trio that played a big role in PSG’s success last season, as the club secured their first Champions League title and claimed the Ligue 1 crown.

Ruiz made a brief return in the final 18 minutes of PSG’s recent 2-1 home loss to Lyon, still working his way back from a knee injury.

Luis Enrique tempered expectations for the 30-year-old, noting that Ruiz will need “time to regain fitness” after three months off. The coach emphasised that Ruiz requires additional matches and minutes to fully bounce back, but expressed satisfaction with his recent appearance against Lyon.

Despite PSG nearing a potential repeat of their trophy-winning season, Enrique warned that he continues to demand more from all his players.

Eighteen-year-old Senegalese talent Ibrahim Mbaye wasn’t included in the squad for Sunday’s loss against Lyon. Enrique commented that every minute on the pitch for PSG should feel special.

While he doesn’t regret the decision regarding Mbaye, Enrique stressed the importance of readiness and that he expects much more from every player.

A win against Nantes in Paris on Wednesday would move PSG three points ahead of unexpected Ligue 1 challengers Lens, with just five matches left in the season.