Ligue 1 Paris St. Germain has agreed in principal to a five-year, €125M ($171M) jersey sponsorship deal with Fly Emirates, according to Arnaud Hermant of LE PARISIEN. The deal, which is set to take effect in '14, represents "a sum never seen before in France." With bonuses, the agreement will be worth €25M ($34M) annually. The contract "has not been officially signed," as the last details are "still being written up" (LE PARISIEN, 2/2). THE NATIONAL reported Fly Emirates Senior VP Boutros Boutros said that the contract "should be completed this month." Boutros said, "We have a new contract for a new period for the coming five years. It's just with the lawyers. The principle has already been approved by our senior management and by the club itself." In the '11-12 financial year, Emirates Group's net profit was $629M, a 61% decline over the previous year. The company attributed the decline to "high fuel costs." Football accounts for the "highest number of sponsorships among all other sports that the airline champions" (THE NATIONAL, 2/3).
