US investment firm reportedly buys PSG

4th April 2006, Comments 0 comments

PARIS, April 3, 2006 (AFP) - Slumbering French football giants Paris Saint Germain have been sold by long-time owners Canal Plus for a sum believed to be EUR 50 million it was reported on Monday on the website of French newspaper Le Parisien.

PARIS, April 3, 2006 (AFP) - Slumbering French football giants Paris Saint Germain have been sold by long-time owners Canal Plus for a sum believed to be EUR 50 million it was reported on Monday on the website of French newspaper Le Parisien.

The 1996 Cup Winners Cup winners have been bought by French businessman Luc Dayan - former president of French First Division side Lille - and American investment firm Colony Capital, who number the Buffalo Grill chain of restaurants among their companies.

The two parties will sign a pre-contract agreement with Canal Plus on Tuesday.

The deal would see the return to the club of one of their iconic figures in the shape of Brazilian playmaker Rai, who was part of the Cup Winners Cup winning team. The half brother of Brazil football legend Socrates will fill the general manager's post.

PSG have struggled to impose themselves on the French league despite hundreds of millions of euros invested in players over the last 15 years thanks to Canal Plus and have not won the title since 1994.

"Canal Plus are prepared to sell the Parisian club on Tuesday morning to Luc Dayan, a partner in the property firm Lucia, an affiliate of the American investment company Colony Capital," said the newspaper on its website.

"The last outstanding points should be dealt with on Monday night and officially announced by Canal Plus on either Tuesday afternoon or Wednesday."

Copyright AFP

Subject: French news

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