Canal Plus has confirmed that it had agreed to sell Paris St Germain to a group of investors led by Colony Capital, Butler Capital Partners and Morgan Stanley.

Canal Plus said it had sold the club for €41m.

“Its the first French club bought by investors but I can bet it’s not the last,” Sebastien Bazin, Colony Capital’s chairman in Europe, told a news conference.

“The new chairman will be Alain Cayzac, a long-time executive at the club and also a shareholder,” Canal Plus said in a statement.

“Alain Cayzac will be the real boss of the club,” Bazin added.

Cayzac takes over from Pierre Blayau, but he hinted that current coach Guy Lacombe should stay in charge next season.

“This season’s work has been outstanding,” said Cayzac.

“We need continuity and stability. So I come with Guy Lacombe, who is someone I appreciate. I come with him unless he does not want to work with me.”

Canal Plus has spent heavily on PSG over the last 15 years but the club has not won the French title since 1994.

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