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Tue 30 Aug 2011 06:36 PM

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Qatar-owned PSG's spending on players tops $116m

Uruguay captain Diego Lugano is latest signing for Paris club owned by Qatar Investment Authority

Qatar-owned PSG's spending on players tops $116m
Paris St Germain players celebrate. (Getty Images - for illustrative purposes only)

Uruguay captain Diego Lugano has joined Paris St Germain, the Ligue 1 club said on their website on Tuesday, taking its Qatar owners' spending to more than $116 million since taking over the club.

Lugano is the latest high-profile signing for PSG, who have recently acquired former Palermo playmaker Javier Pastore and French internationals Kevin Gameiro and Jeremy Menez.

The club have spent more than 80 million euros ($116.2 million) on players since being taken over by the Qatar Investment Authority earlier this year.

Defender Lugano, 30, who led Uruguay to the Copa America title in June and previously played for Brazilian side Sao Paulo, is due to attend a news conference at the Parc des Princes later on Tuesday.

QIA in May bought 70 percent of the French capital’s sole first division club for a reported  $42.7m-$57m.

The Qataris purchased their PSG stake from US private equity firm Colony Capital, which had bought the club in 2006 with plans to challenge for Europe’s Champions League, only to end up staving off relegation two seasons in a row.

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