Qatar-owned French football club Paris Saint-Germain has reportedly signed an $800 million deal with the Qatar Tourism Authority, media reports state.
The agreement is not a sponsorship deal, but more of a publicity tie-up “to promote the image of Qatar,” Le Parisien reports.
However, AFP reports that QTA wants to become PSG’s shirt sponsor from next season. Emirates Airline is the current shirt sponsor.
Under the terms of the deal, PSG will receive some $198 million each year for the next four seasons, including last season retroactively.
The money will help PSG comply with new financial fair play regulations that require clubs not to spend more than they make.
Qatar Sports Investment bought a 70 percent stake in PSG last May, and then completed its acquisition of the club from an American investment company in March of this year.
It has said it plans to turn a profit with the football club within five years, Arabian Business reports.
Credit: Photo courtesy of PSG