Canal Plus to sell PSG

ByReuters

Published 11/04/2006 at 07:55 GMT

Canal Plus said on Tuesday that it had agreed to sell troubled Ligue 1 side Paris St Germain to a group of investors led by Colony Capital, Butler Capital Partners and Morgan Stanley.

FOOTBALL 2005-2006 Ligue 1 Paris St Germain fans supporters

Image credit: Imago

Canal Plus, the pay-TV division of French media giant Vivendi, did not disclose the financial details of the transaction. A source close to Canal said the deal amounted to over 40 million euros.

"The new chairman will be Alain Cayzac, a long-time executive at the club and also a shareholder," Canal Plus said in a statement.

He will take over from Pierre Blayau, who failed to revive the club's fortunes since he arrived in 2005.

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Canal Plus have hinted they would like to sell the club for the past four years.

Canal Plus, which bought the rights to broadcast Ligue 1 matches in 2004 for a record fee of 600 million euros each year until 2007, has spent heavily on PSG over the last 15 years but the club has not won the French title since 1994.

PSG are eighth in the 20-team division with 50 points from 34 matches.

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