Publicity agreement with French club reportedly worth at least $198m a season over four years
French football club Paris Saint-Germain has reportedly secured a major new deal with the Qatar Tourism Authority (QTA) worth at least €150m ($198m) over each of the next four seasons.
According to a report in Le Parisien newspaper, the agreement will be worth more than €200m in its final season in 2015/16 to the Qatar-owned club.
According to French newspaper, the tourism board’s investment is not a sponsorship agreement but a "vast publicity campaign intended to promote the image of Qatar".
The deal is retroactive, meaning QTA will put the money in the club for 2012 to help PSG bear the cost of their latest signings, including striker Zlatan Ibrahimovic who is reportedly earning a net 14 million euros a year.
In September it was reported that a Qatari investor was in talks with Paris Saint-Germain about a €100m ($130m) per year sponsorship deal.
AFP reported that sources in France and Qatar put the total value of the contract with a financial institution could be worth between €350-400m over four years.
According to a document sent to AFP, the financial establishment in question wants to become PSG's shirt sponsor from next season. Emirates Airline is the current shirt sponsor.
Qatar Sports Investment (QSI) bought an initial 70 percent stake in PSG from American investment company Colony Capital in May last year.
In March it purchased the remaining 30 percent, Since the acquisition PSG have spent lavishly on bringing in top players like Ibrahimovic.
The new owners aim to turn a profit at the football club within five years.