Financial crisis, overdue salaries and debts in the millions: to avoid bankruptcy, the Monegasque government is preparing a temporary takeover of the club, pending a new owner.
AS Monaco Basket is one step away from a change of ownership. Overwhelmed by a serious financial crisis, the Monegasque club is crushed by debts, delays in salary payments and liquidity difficulties linked to the Russian-Ukrainian conflict affecting its president Aleksej Fedorycsev. The situation, which has become unsustainable, has prompted the Principality of Monaco to intervene directly to avoid bankruptcy.
According to information circulating in the last few hours, the Principality is expected to take control of the club in the coming days, with a transfer that could be formalised as early as the end of the week, after passing through the Council of Government and Parliament. The aim is to guarantee the continuity of the sporting activity and protect Monaco's image.
Despite the excellent sporting performance - Monaco is currently leading the Betclic Élite and is coming off national successes and a Euroleague final - the economic management has undermined the internal climate. The players have suffered delays and partial payment of salaries, going so far as to threaten strike action. Suppliers, agents and hotels also have unpaid debts, making the day-to-day management of the club increasingly complex.
The Principality's plan is to settle its liabilities, which amount to several million euros between debts to the league, the Euroleague, salaries and operating costs. In return, Fedorycsev's shares would have to be sold for a symbolic sum. However, this would be a temporary solution, a “bridge” while waiting for a new investor.
Several potential buyers would already be interested, including the Michel Pastor group, the club's historical partner. Other options are being studied, even outside Monaco. By mid-May, when the clubs will have to present their budgets for next season, AS Monaco Basket should present itself with new governance.
