The city of Paris and Ligue 1 club Paris St. Germain released a combined statement on Tuesday saying that they "have reached an agreement allowing the club to permanently remain at the Parc des Princes," according to LE PARISIEN. The new agreement will allow PSG to stay at the stadium for another 30 years. The extension will also allow the club "to embark on an ambitious renovation of the Parc des Princes for Euro 2016." The city said that the club currently pays a fee of €400,000 ($544,000). This fee is expected to increase to about €1.5M ($2M) at the end of '14 (LE PARISIEN, 11/26). The PA reported the deal, which still needs to be formally ratified by the Paris St. Germain Administrative Council and the Paris Council, "also includes plans for a renovation of the stadium which has been operating in its current capacity since 1972." A club statement read, "This modernization of the venue will affect all areas of the Parc des Princes and ensure a first-class viewing experience for the ever-increasing number of supporters and excellent working conditions for, amongst others, the media" (PA, 11/26).
