The French basketball financial supervisory authority rejected the registration application of the country’s champions, so the club must submit the missing documents and necessary financial guarantees to the league by July 30.
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The situation is further complicated by the fact that other potential investors have withdrawn from the negotiations. Thus, the only candidate left to take over Monaco is the investment fund “Helen Holdings” of former NBA player Jamal Mashburn.
According to the court-appointed administrator cited by “BeBasket,” the total financial obligations of the Monaco club amount to 24 million euros. This sum includes 8 million euros of obligations recorded at the end of June and another 16 million euros allocated by the Principality of Monaco to allow the club to complete the past season.
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However, the club’s lawyer Xavier Le Cerf-Galle assures that the main problems should be resolved soon.
“The process of taking over the club led by Mashburn is currently progressing very successfully. In addition to the guarantees already provided, a few technical issues still need to be finalized by July 31. All parties involved are working resolutely to ensure the sustainable development of Monaco not only for the upcoming but also for future seasons. We have every reason to be completely optimistic,” said the Frenchman.
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