Paris Saint-Germain changes hands

PSG are currently eighth in the French league

Canal Plus is to sell top-flight football club Paris Saint-Germain to a group of financial investors.

The broadcaster bought the club in 1994 but despite major investment, PSG have not won the league title for 15 years.

Its new owners are US firms Morgan Stanley and Colony Capital and French company Butler Capital Partners.

Although the price of the deal has not been officially disclosed, a Colony Capital official said the consortium had paid 41m euros ($49m; £34m).

French clubs have attracted renewed interest from investors in recent times after netting a vastly improved broadcasting rights deal.

Canal Plus bought the rights to Ligue 1 coverage for 600 million euros (£417m) in 2004.

Prestigious club

Current restrictions on French clubs selling their shares on the stock market are also set to be lifted following a complaint by the European Commission.

Colony Capital's Sebastien Bazin said the new owners planned to offer 40% of the equity to other investors later this year.

"PSG is a very prestigious club," said Sebastien Bazin.

"It is up to us to make a profit from the situation."