Qatar buys top French soccer club PSG

Qatar, embroiled in a FIFA corruption scandal that could deprive it of hosting the 2022 World Cup, has  taken a majority stake in Paris Saint-Germain (PSG), one of France's top soccer clubs.

US-based investment firm Colony Capital, which had a 95.8-per-cent stake in PSG, said it had sold most of its share to the state-owned Qatar Investment Authority.

The deal gives Qatar a 70 percent of PSG, while Colony retains the remaining 30 percent.

'We looked for the best partner to ensure a place in history for PSG,' said Colony Capital"s head of European operations, Sebastien Bazin, in a statement.

The value of the deal was unknown.

Colony Capital took over PSG in 2006 from French television group Canal+ for 26 million euros.

PSG is now estimated to be worth between 35 and 50 million euros.

PSG became the 2010 French Cup champions and finished fourth this year in the French first division.

Qatar, caught up in a mushrooming corruption scandal in world soccer body FIFA, in which it is alleged to have won the hosting of the 2022 World Cup through bribery, has been on something of a football buying spree in Europe.

In December the non-profit Qatar Foundation signed a jersey sponsorship deal with Champions League winners Barcelona.


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