Monday, 10th September, 2012
Prince of Monaco Albert II has spoken out over his decision to sell a controlling stake in AS Monaco to Russian billionaire Dmitry Rybolovlev.
Rybolovlev bought into Monaco in December last year and the 2004 Champions League finalists have since splashed out, bringing in Claudio Ranieri as coach and pushing for promotion back to Ligue 1.
Backed by the Russian’s billions, Monaco’s future looks bright and there is widespread hope that the side can be restored to their former glories.
And Prince Albert does admit that financial considerations were at the centre of his decision to sell some of his shareholding to Rybolovlev.
"The reason is primarily financial, as there were not enough people around to run the local club to an acceptable level and so we were obliged to appeal to outside investors", the prince told Canal +.
"There is now enough to build something solid in the Principality, with confidence."
Prince Albert though still maintains a 33% shareholding in Monaco, but insisted he has not vetoed any of the new regime’s transfer dealings and instead just a number of organisational matters.
"It keeps us informed on the progress at the club, the big decisions, the strategy and the transfers.
"We work very closely and monitor matters.
"I’ve used my veto on changes to the structure of the club, but not on transfers."
Monaco are looking good for promotion this season, with the side second in Ligue 2 at present.