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.”