(MENAFN) Qatar Tourism Authority is said to inject USD265 million in French football club Paris Saint-Germain in an advertising deal for four seasons, Reuters reported, citing Le Parisien newspaper.
According to French newspaper, the tourism board's investment is not a sponsorship agreement but a "vast publicity campaign intended to promote the image of Qatar".
QTA will give the cash to the club for 2012 to help PSG meet UEFA's financial fair-play rules, the paper said.
The deal is retroactive, meaning QTA will put the money in the club for 2012 to help PSG bear the cost of their latest signings, including striker Zlatan Ibrahimovic who is reportedly earning a net USD18.5 million a year, the company added.
In September it was reported that a Qatari investor was in talks with Paris Saint-Germain about a USD130 million per year sponsorship deal.
Le Parisien also said that QTA will pay between USD198 and USD200 million a year to PSG for the club's help in promoting the country abroad. QTA is linked to the Qatari state, as are the club's owners Qatar Sports Investment (QSI).