The French brand staved off competition from Lacoste in March 2020 to win rights to manufacture garments for French athletes during competition at International Olympic Committee and International Paralympic Committee events from 2021 through to 2024.

French athletes used Le Coq Sportif kit at last year's Winter Olympics and Paralympics in Beijing, and Paris 2024 is set to mark the first time they have worn the brand at a Summer Games since Munich 1972.

The wide-ranging deal also included an official supplier partnership with Paris 2024.

In total, the agreement reportedly covers the production of 1.5 million garments.

However, Le Coq Sportif's sales slumped in 2021 due to the COVID-19 pandemic, and it recorded an operating loss of €2 million (£1.7 million/$2.2 million).

Newspaper L'Équipe reported earlier this month several French Federations had grown concerned about a delay in the design of their Paris 2024 outfits, and Le Coq Sportif had failed to honour all of its payments to the Organising Committee.

Marc-Henri Beausire, chief executive of the Swiss-based investment company Airesis, Le Coq Sportif's majority shareholder, told French newspaper Le Monde the brand is seeking "€30 million this year" in capital.

Beausire claimed half of this figure is already "secured in particular with shareholders and banks", and wants to secure a loan from the French state for companies "affected by the war in Ukraine".

Le Monde quoted a Paris 2024 spokesperson admitted a new payment scheduled is under negotiation with Le Coq Sportif but dismissing any suggestion of a breach of contract and insisting it "absolutely does not call into question the main elements".

Le Coq Sportif officials also assured "nearly 80 per cent of the technical products out of the 1,100 to be developed are validated", as reported by Le Monde.

As part of the agreement with Le Coq Sportif, French Sports Federations were permitted to retain their own equipment suppliers for Olympic or Paralympic competition if they wished to do so, subject to the payment of a "contribution to a solidarity fund that will benefit Federations that require support".

Swimming caps for French athletes are set to be produced by Arena and triathlon suits by Zerod, and National Federations for football, athletics, handball and basketball are expected to use their own suppliers for Paris 2024.

Wednesday (July 26) is set to mark one year until the start of the Olympic Games in Paris, marking 100 years since the French capital last held the Summer edition.

France has targeted a top-five finish on the Olympic medals table at Paris 2024, something it has not achieved since London 1948.

At Tokyo 2020, it secured a haul of 33 medals, which was its joint-lowest tally at the Olympics in the 21st century.