PSG to prolong Parc des Princes tenancy

Colony Capital, owners of Paris Saint-Germain, will have their long-term leasehold on the club’s Parc des Princes ground extended next March, an official source revealed on Wednesday.

The same source said the lease would be for “between 40 and 50 years”.

Colony Capital are the only remaining candidates to take up the lease, after Jacky Lorenzetti, president of rugby union side Racing-Metro, was dropped from the running after failing to respond to questions from the city board.

Colony Capital are believed to be ready to spend around 100 million euros renovating the stadium to comply with UEFA standards in time for the 2016 European Championship, which France is hosting.

The American private investment firm are also planning to build shops, a hotel and a luxury flat next to the ground in Paris’s chic 16th arrondissement in the west of the city.

Municipal authorities have asked for 10 million euros from the government to renovate the area around the stadium, which was the home of France’s national football and rugby teams prior to the opening of Stade de France in 1998.