PSG to continue play at Parc des Princes
© AFP

Paris Saint-Germain have reached an agreement with the city of Paris that will see the French Ligue 1 champions remain at the Parc des Princes for another 30 years.

The deal, which still needs to be formally ratified by the Paris Saint-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.

"This agreement, which will take the form of a convention with a 30-year duration, will be put to the Paris Saint-Germain Administrative Council and the Paris Council in the coming days for official approval," read a statement on the club's official website.

"This agreement highlights Paris Saint-Germain's attachment to the club's history and roots, as well as the club's desire to have a football specific venue in the heart of the city. In order to offer fans a unique experience in this historic stadium, the club has committed to a very ambitious renovation program that will begin in the coming months.

"This modernisation 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."

The statement continued: "This agreement with the city of Paris is part of the club's ambition to become one of the biggest clubs in Europe and a world-renowned sporting brand, by drawing on the values and notoriety of Paris.

"We are delighted that our renovation plans will be a significant contribution to the organisation of EURO 2016 and will enable France and Paris to fulfil its commitments to UEFA."