Paris - Investment fund manager Sebastien Bazin has replaced Charles Villeneuve as president of French league club Paris St Germain.

The club's majority shareholder Bazin was elected to the post late Tuesday after weeks of turbulence at the club following board member Jerome de Metz's letter at Christmas to Bazin that he doubted whether the shareholders would be prepared to spend 10 to 20 million euros (12.9-25.8 million dollars) a year on the club.

De Metz subsequently resigned, warning that the club could make a loss of up to 11,4 million euros by the middle of 2009, which would leave the club 7 million in the red.

Last month, the board resigned after Villeneuve demanded new powers and pointed out poor management.

Bazin is the eighth PSG president in 10 years and is already looking for his successor as he believes he does not have the time to run the club and do his work at Colony Capital.

Last season, Colony invested 18.2 million euros in the club and only Champions League football will guarantee a financial return.

PSG only secured their top-flight status on the last day of the season, but they now lie third in the French league and are in the semi-finals of the French Cup.

Bazin told Wednesday's Parisien newspaper that the club had "no financial problems" and wanted to be "more aggressive" in the transfer market. (dpa)