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đź’° Mathieu Flamini: The Richest Footballer in the World
Ten years ago Forbes wrote an article proclaiming that Mathieu Flamini is extremely wealthy. Today we dissect his story.
Jordan Macauley
February 19, 2024
We are about to embark on a run of incredible sporting months.
The Formula 1 season returns in March after an action-packed off-season.
The Masters returns in April along with the beginning of the PGA Tour.
The Premier League comes to a close in May just in time for a summer that sees EURO2024 in Germany, the T20 World Cup in the US and of course the Olympics in Paris!
I will be with you every step of the way bringing you the business insights behind them all.
Today however, we dissect a story I have been interested in for many years. The story of Mathieu Flamini, the richest footballer in the world…
Mathieu Flamini had an impressive career as a defensive midfielder in Europe. Across 15 seasons he amassed:
168 caps for Arsenal (across two stints)
Over 250 caps collectively for AC Milan, Crystal Palace, Marseille and Getafe
3 Caps for France
Alongside his footballing efforts however is his sizeable business endeavours.
In 2008, whilst playing for Arsenal in London he co-founded GF Biochemicals with his partner Pasquale Granata.
GF was set up to become one of the first companies to mass produce Levulinic Acid, an oil substitute to be used in plastic production, sustainable agriculture and other industrial means.
Infact, Levulinic acid was named by the Department of Energy as one of the 12 molecules that unlock a “greener” world!
A far departure from his on-the-pitch antics but a noble quest.
The company has grown and today employees over 100 people around the world, especially after the 2017 acquisition of Segitis, the leading producer of Levulinic Acid derivatives.
In 2022, Sofinnova and Sparta Capital two venture capital companies invested €15m in GFBiochemicals too helping the business scale production.
However, what really took this narrative to the moon was Forbes claiming that Mathieu Flamini is the richest footballer in the world valuing his net worth at $14bn!
Once that story broke other mainstream media companies began to report it at a rapid pace.
I personally remember someone telling me this at a tech conference in 2021!
The news was so prominent that when Flamini signed for Getafe in 2019 it was a question he was asked in his press conference upon signing!
During his playing career Flamini rarely spoke on the business. But since then Flamini, now 39 has debunked those claims:
"Well, it's important to rectify things," Flamini told L'Equipe.
"Contrary to what I read, I do not have €30billion in my bank account.
"And this sum does not correspond to the valuation of my company, GF Biochemicals."
He claims that Forbes failed to make the distinction between the size of the market for his business and the size of his business itself.
Foolish from Forbes.
A few things are true however:
The market for Levulinic Acid is massive
GF Biochemicals are one of the few companies globally that produce the molecule in industrial quantities
Mathieu Flamini is firmly in his post-footballing career as a CEO
However, barely any financial information about GF Biochemicals is in the public domains.
Forbes have completely pulled the articles they once wrote about his net worth too, which says quite a lot.
In an interview with The Times last summer he said:
“Of course I’ve been asked a few times about the value of the company, but this is something I’ve never directly commented [on]. The company is a private one but we don’t really communicate about the value. Obviously the market opportunity is a big one. But my main goal is — I want to make this business successful.”
Regardless of the above, kudos to Flamini for embarking on this journey. One day, he may very well be what Forbes claimed he was a decade ago.
And shoutout to Forbes for lying to us for a decade too!
See you next week as always,
Jordan