Agreement reached to purchase Ligue 1's Paris St Germain to ensure 'long term growth' of club
Qatari investors have bought a 70 percent stake in French Ligue 1 football club Paris St Germain, the club said on Tuesday.
Colony Capital, the US owners of the club, said in statement on the PSG website that it would retain a 30 percent stake.
The statement did not include the name of the investment firm in Qatar but France's L'Equipe earlier this month said the club was in talks with Qatar Investment Authority, the Gulf state's sovereign wealth fund.
Sebastien Bazin, head of Colony Capital Europe, said: "This partnership responds to the will of Colony to ensure the development and growth of PSG in the long term.
"Collectively, Colony and its new partner will continue the work initiated at PSG in the last five years to further enhance its influence and visibility."
He added: "Our responsibility as a shareholder was also preparing for the future. That is why we sought the best possible partner for PSG."
PSG finished fourth in the French league this season having won the domestic Cup last year.
Last summer, Qatari businessman Sheikh Abdullah bin Nasser al-Thani took over Spanish La Liga club Malaga after sealing a $44m deal.
The chairman of Nasser bin Abdullah and Sons Group took 100 percent ownership of the club.