Paris Saint-Germain has dominated domestic competitions, clinching nine of the last 11 league titles.

Qatar Sports Investments, the owner of Paris Saint-Germain, has agreed to sell a 12.5% minority stake to U.S. private equity platform Arctos Partners on Thursday.

The valuation of the PSG sale is estimated to be between $4.32 billion and $4.57 billion, two sources privy to the negotiation and speaking on the condition of anonymity told the Associated Press.

The financial details of the deal were not publicly disclosed by the French league club, the AP report said.

Arctos Partners’ investment is slated to push PSG “into new markets, including North America.” The funds will be allocated towards the expansion of PSG operations and the enhancement of its stadium and training centre, the AP report said.

Despite Arctos holding a non-controlling interest, PSG maintains that QSI will retain full control over all decisions related to the club. “QSI will continue to have full control of all decisions at PSG,” the club said in a statement.

QSI has significantly increased PSG’s net expenditure to over $1.1 billion since taking ownership 12 years ago.

The club has dominated domestic competitions, clinching nine of the last 11 league titles. However, PSG has faced repeated setbacks in the UEFA Champions League despite high-profile signings such as Kylian Mbappé, Neymar in 2017, and Lionel Messi in 2021.

With Messi and Neymar now playing abroad, and Mbappé’s potential move to Real Madrid looming, PSG remains a strong contender to get one of 12 European entries for the 2025 Club World Cup in the United States, which FIFA plans to reboot as a 32-team event every four years.

Qatar’s PSG was listed as the seventh most valuable football club in a Forbes ranking unveiled by the leading business magazine on May 31. Its value was listed as $4.2 billion.

PSG remains the only French reference in the Forbes ranking, with has listed Real Madrid as the world’s most valuable club at $6.07 billion.

Last year, the American magazine valued PSG at $3.2 billion.

Arctos Partners, with offices in Dallas, New York, and London, has a notable investment portfolio in over 20 professional sports organisations, including Liverpool, Aston Martin in Formula One, and teams in the NBA, NHL, and Major League Baseball.

“Our investment in (PSG) fully aligns with our strategy of partnering with best-in-class teams across North America and Europe,” said David O’Connor, co-founder and managing partner of Arctos.