Source: bebasket.fr
Monaco‘s financial situation continues to deteriorate. During a hearing at the Commercial Court of Monaco, the professional club’s liabilities were assessed at €27.8 million, with a ruling that could pave the way for bankruptcy proceedings expected on October 6.
At the hearing held on Friday, October 2, presiding judge Alexia Brianti clarified that the club’s total obligations currently amount to €27.8 million.
The bulk of this sum concerns €21.7 million paid by the National Financial Support (SNF).
Evidence presented during the hearing indicated that the repayment of this aid could have been avoided if the professional team had been admitted to Nationale 1 (the third tier). However, the French Basketball Federation (FFBB) rejected Monaco‘s promotion to the French third division.
This decision severely weakened the takeover project. Swiss Montana AG, introduced as a new private investor expected to contribute €10 million per season, has since withdrawn from the deal.
The club submitted a request for a further postponement of the case, highlighting its appeal to the Paris Administrative Court regarding its sporting status.
This request was firmly opposed by prosecutor Fanny Philiber during the hearing.
Monaco’s CEO, Aleksey Yefimov, informed the court that 21 employees remain at the club. He also noted that the Paris Administrative Court’s decision is expected in October.
Following the discussions, the Commercial Court of Monaco announced it will deliver its verdict on Tuesday, October 6. The possibility of bankruptcy, and potentially the liquidation of the professional structure, is now openly under consideration.
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