Qatar Sports Investments (QSI) is considering reducing its stake in Paris Saint-Germain, following tensions surrounding an investigation into the club’s president, Nasser al-Khelaifi. The club’s main backers are open to further diluting their 87.5% investment, as Qatar has reacted strongly to the latest legal proceedings involving Khelaifi.
The 51-year-old was placed under formal investigation in France last week, in relation to a case involving a Paris-based media company. The allegations include complicity in vote-buying, interference with the freedom to vote, and complicity in abuse of power. These are part of a broader case connected to the businessman Arnaud Lagardère. Khelaifi has denied any wrongdoing.
QSI had already sold a 12.5% stake in PSG to Arctos Sports Partners, an American investment group, in December 2023. That deal was positioned as a strategy to strengthen the club’s competitiveness at the European level. Now, QSI appears willing to further reduce its involvement, as part of a broader move to shift its focus beyond France.
Khelaifi also holds the influential position of chairman of the European Club Association and is being investigated in relation to a complex case involving Lagardère Group. This case dates back to an internal power struggle in 2018 among wealthy board members, including Vincent Bolloré and Bernard Arnault. The latter supported Arnaud Lagardère, and Khelaifi’s involvement stems from his role on the board of Qatar Investment Authority (QIA), whose subsidiary, Qatar Holding LLC, was the main shareholder of Lagardère Group.
Initially, QIA supported governance resolutions put forward by Bolloré’s Amber Capital investment fund. However, it is alleged that five days after the Lagardère Group board held its first vote on the matter, QIA reversed its position and backed resolutions proposed by Lagardère. Reports suggest that before this change, Lagardère and his allies contacted Khelaifi and other key figures.
The investigation adds to previous legal challenges Khelaifi has faced. In 2022, he was cleared of corruption charges related to World Cup media rights. In February 2023, he was also cleared in an investigation concerning Qatar’s bid for the 2017 World Athletics Championships.
A statement from QIA on the Lagardère case emphasized that Khelaifi had no substantive role in the matter and did not make any related decisions. It asserted that the day-to-day management of companies in which QIA has invested is handled by executives rather than board members such as Khelaifi. The statement also maintained that he had no capacity to influence QIA’s decisions regarding Lagardère Group.
Within Qatar’s leadership circles, frustration has grown over what they perceive as a lack of support in France, despite their significant investments in the country’s football landscape. A potential reduction in QSI’s stake in PSG could introduce new uncertainties for French football at a time when the domestic league is already facing legal disputes. The league has launched legal action against broadcaster DAZN for withholding half of its latest payment for television rights, adding another layer of instability to the footballing environment in France.
