Founded in 1882, Le Coq Sportif, an official partner of Paris 2024, proudly boasts of its sporting heritage and influence on its website, despite currently facing a deep economic crisis.

The company was rescued from bankruptcy almost 20 years ago (in 2005), but it seems not to have learned its lesson, despite being the main supplier of French athletes at the Paris Games, which begin on 24 July (two days before the opening ceremony scheduled for Friday 26).

Last Monday, the shares of Le Coq's Swiss holding company, Airesis, were suspended on the Swiss stock exchange after it missed the deadline to publish its 2023 financial results, having already delayed their publication in April.

The group has made no public comment on the suspension, saying only in April that it needed more time to prepare its figures "pending various items of information and their verification".

Le Coq, known for its rooster logo that has adorned the shirts of French sports teams for over a century, was forced to take out a €10 million state-backed loan early last year due to mounting losses.

The state's involvement reflected the group's strategic importance to the Games, which are being held in France for the third time in their history, as a supplier to almost all French sports federations with the exception of a handful, including football and athletics.

"We are in the final stages of delivery and production... all (sports) federations will receive their deliveries, obviously before the Games," a company spokesman told AFP on Tuesday, admitting there had been some delays in paying suppliers.

The head of the French Olympic Committee, David Lappartient, who recently visited the company to check on deliveries "sport by sport", told reporters last Thursday that there had been "some delays" for some federations. "It's a bit tight, but it's OK and we were reassured by this visit," he added.

Le Coq Sportif is not the only major company facing financial uncertainty ahead of the Paris Olympics. Atos, the IT and cyber security provider, is also in financial trouble as the French state looks to nationalise its strategic operations.

Some in French sport have long questioned the decision to award the prestigious 2020 Olympic contract to Le Coq, after the company reported losses of around €10m in the first half of 2023.

It lost around four million euros in 2022, following losses of 10 million euros the year before. The value of its shares has halved in the last four years, a decline accelerated by the Covid-19 crisis and high energy prices caused by Russia's invasion of Ukraine.

"There has been panic in recent weeks. Everyone is looking for a plan B to avoid a disaster," an official in the French Olympic movement told AFP on condition of anonymity due to the sensitivity of the issue. "They are very worried."

"We didn't understand when they won the contract," said another official, also speaking on condition of anonymity. "Everyone knew when they got it that they weren't in good shape."

Le Coq Sportif returned as supplier to the French Olympic team for the first time in 50 years at the 2022 Winter Games in Beijing. The company's heyday was from the 1950s to the 1970s, helping to create a retro image that currently appeals to fans of its footwear and apparel. 

Its rich history in sports design includes the first yellow jerseys for the Tour de France, the kits for the legendary Ajax football team of the 1970s and the Argentinian team that won the 1986 World Cup with Diego Maradona's 'Hand of God' and 'Goal of the Century', moments that are still replayed on screens for football fans around the world.

After decades of financial problems since the 1990s, the group was given a new lease of life in 2005 when it was taken over by Airesis, led by Franco-Swiss businessman Marc-Henri Beausire. It renewed its links with the Tour de France and signed deals to supply top French football club Saint-Etienne and the national rugby team. 

In addition to outfitting French athletes, the brand signed an agreement with the Argentine Olympic Committee to outfit athletes at the 19th Pan American Games in Santiago, Chile, in 2023, with a contract in place for the Paris Games.  This issue could extend to South America, affecting more than 100 athletes from Argentina who have qualified for the 33rd Olympic Games.

In 2022, work will begin on expanding the factory at its historic headquarters in Romilly-sur-Seine, where the outfits for the French Olympic and Paralympic teams are made, according to Airesis' annual report.

Although some sports, such as judo and cycling, have already received their kit, an official from a French sports federation said they are still waiting for theirs and that the delay was frustrating. "It's an extra logistical problem to deal with at the last minute, and frankly we have other things to worry about at the moment," he said on condition of anonymity.