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Soccer-Paris St Germain sells 70 percent stake to Qataris
Qatari investors have bought a 70 percent stake in French top-flight soccer club Paris St Germain, PSG said on Tuesday.
June 1, 2011 1:50 by p.deleon
Colony Capital, the American owners of the capital city’s only Ligue 1 club, said in December it was in talks to lure new investors.
“Colony Capital and an investment company in Qatar have announced that they have finalised a draft agreement under which the new partner becomes a 70 percent shareholder in Paris Saint Germain with Colony Capital keeping 30 percent,” a statement said.
The statement did not include the name of the investment firm but French media said it was called Qatar Investment Authority, founded by the Qatar state.
PSG, who have battled hooligan problems and poor recent results on the pitch, finished fourth in the French league this season having won the domestic Cup last year.
French soccer has struggled in general for major investment with the more lucrative English Premier League attracting club buyers from around the world including the United States.
“This partnership follows the will of Colony to ensure the development and growth of PSG in the long term,” the PSG statement added.
“Collectively, Colony and its new partner will continue the work initiated at PSG in the last five years to further enhance its influence and visibility.”
(Reporting by Mark Meadows; Editing by Ed Osmond, To query or comment on this story email [email protected])
Abu Dhabi investment fund IPIC aims to diversify
* Will look at investing in industrial, agricultural sectors; Move part of Abu Dhabi’s 2030 economic plan
Abu Dhabi’s International Petroleum Investment Co (IPIC) will look at investments in agriculture and industry, it said on Tuesday, as the government fund looks to diversify its investment portfolio.
IPIC, whose current investments include major stakes in Austrian oil group OMV and Spain’s Cepsa , has embarked on an aggressive acquisition drive in the hydrocarbons sector in recent years.
But Abu Dhabi, capital of the United Arab Emirates, is also investing billions of dollars in infrastructure, real estate and tourism to diversify its economy.
Its economic vision for 2030 aims for sustainable growth which is less dependent on the oil and gas industry.
“IPIC has made it a priority to create new economic opportunities to achieve comprehensive growth and increase its entry into new investments in sectors it hasn’t visited before such as investment in the agriculture and industrial sectors,” Managing Director Khadem Qubaisi said in a statement.
The government fund saw its assets rise 15 percent in 2010 to $47.9 billion.
Abu Dhabi is planning to to curtail bond sales by state companies and review the investments they hold to ease through the sale of sovereign bonds and ensure the firms’ actions benefit the economy. (Reporting by Dinesh Nair; Editing by Greg Mahlich)