Monaco has new billionaire club owner

Russian billionaire Dmitry Rybolovlev has completed a takeover of struggling Monaco and promised to spend at least 100million euros to turn the club into a European force.

The fertiliser magnate heads the Monaco Sport Invest enterprise which acquired a controlling 66.67% share in the football club which reached the 2004 Champions League final but dropped out of Ligue 1 at the end of last season.

Monaco’s decline has continued into the current campaign and they are currently bottom of the French second division.

The club announced the buy-out by MSI on their official website.

In a statement, Monaco said: "MSI have committed to invest at least 100million euros (£83.6million) over the next four years. This sum constitutes a minimum guarantee and if required can be increased."

Rybolovlev becomes the new club president.

He said: "I don’t consider this operation simply as an acquisition, but as the start of an effective new partnership in the interest of the development of AS Monaco FC.

"I am a fervent football fan. Having lived for long enough in Monaco, I realise that AS Monaco FC isn’t only one of the principality’s sporting teams, but that it represents also one of the principal symbols of the principality, its pride and its traditions.

"I believe the club has enormous potential.

"I hope that we will be able to achieve on a national and European level."