Friday, 2nd November, 2012
The city of Paris has chosen to end the subsidy it pays on a yearly basis to Paris Saint-Germain, with the view at city hall being that the club no longer need the cash.
PSG have been on a spending splurge for the last two years, since the club were bought by the sovereign wealth fund of Qatar.
This summer saw no slowdown in the French side’s spending, with Zlatan Ibrahimovic and Thiago Silva both bought from AC Milan, while a number of other talents, including Italian gem Marco Verratti, were hoovered up.
Incredibly, it appears that the city of Paris have been paying a subsidy to the club, despite their abundance of cash – although it will now stop.
"After reviewing the situation and in accordance with its management, it appears that maintaining a municipal grant to PSG is nether necessary or appropriate in the context of fiscal constraint", wrote Paris mayor Bertrand Delanoe, on a document obtained by Le Parisien.
It is thought that the city council’s subsidy to PSG came in at around the €1M per year mark.
relatedNewsStoryThe city council will however continue to financially support PSG’s charitable activities.
On the pitch, PSG currently top Ligue 1 and scored a Coupe de la Ligue victory over rivals Marseille in midweek.
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