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.