Qatar 'to plough up to $265m a year into PSG'
Paris, December 21, 2012
Qatar will pour up to 200 million euros ($265 million) a year into Paris Saint-Germain under an advertising contract designed to help the French club meet UEFA's financial fair-play rules, according to French media.
The deal, already submitted to French football's controlling body (DNCG), has been struck with the Qatar Tourism Authority (QTA) and will run until 2016, daily Le Parisien said on Thursday.
PSG have spent more than 250 million euros in transfers since the Qatari fund QSI bought the club in June 2011 and must comply with new financial fair play regulations, which require clubs not to spend more than they earn.
PSG are playing in the Champions League for the first time since 2004 and broadcasting rights for the French top flight are the lowest in the top European leagues, so the club were looking for a new revenue source.
According to Le Parisien, QTA will pay between 150 and 200 million a year to PSG for the club's help in promoting the country abroad. QTA is linked to the Qatari state, as are the club's owners QSI.
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. - Reuters