Paris City Hall withdraws PSG funding
Posted Friday, November 02, 2012 by YAHOO Sport
Paris City Hall has announced that from next season onwards it will halt the payments that it makes to finance Paris Saint-Germain.
The club is currently paid 1 million euros every season by the local authority, but after the takeover by the Qatari Investment Authority, which has led to a number of big-money signings, it has been decided that Les Parisiens do not require the backing of the city.
The Mayor of Paris, Bertrand Delanoe, explained the proposal, which will be submitted at the next meeting of the council on Nov. 12.
"After careful consideration of the situation of the club, and in accordance with its leaders, it appears that maintaining a municipal grant to PSG is neither necessary, nor appropriate in a context of fiscal restraint," he wrote.
"From 2012-13 the club will continue its efforts on its own without financial support from the community."
PSG, boosted by the acquisition of Zlatan Ibrahimovic and Thiago Silva in the summer, finds itself first in the Ligue 1 table with 22 points from 10 games.
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