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Russian billionaire takes over Ligue 1 club Monaco

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Russian billionaire businessman Dmitry Rybolovlev has obtained a controlling 66.67 percent stake in French Ligue 1 club AS Monaco, the French side confirmed in a statement on Friday.

Russian billionaire businessman Dmitry Rybolovlev [en.rian.ru]

According to the statement, Monaco Sport Invest (MSI), affiliated to Rybolovlev who is ranked 93rd richest in the world by Forbes, "has committed to invest at least 100 million euros ( 130m dollars) into Monaco Football Club over the next four years. This amount constitutes the guaranteed minimum and can be increased if necessary," read the statement.

The remaining 33 percent stake will continue to be held by the Association Sportive de Monaco Football Club "which represents the interests of the Principality".

"The agreement which has been reached opens a new page in the history of the football team so dear to the Principality. I wish the team to regain the stature which in the past has made it one of the jewels of Monaco's sporting life," said Monaco's Prince Albert II.

"I believe that the club has an enormous potential and I hope that it will be able to fully realize this potential at both national and European levels," said Rybolovlev.

The Russian becomes the new president of the club's board, which will be made up of six MSI representatives and three members of AS Monaco.

Monaco are one of the most decorated clubs in the French game, having won the title seven times and reached the Champions League final in 2004.

However, they were relegated from Ligue 1 at the end of last season and currently prop up the second division.