Monaco Owner Dmitri Rybolovlev reportedly set up an off shore scheme to cover his investments. GETTY IMAGES
Football Leaks claimed that in June ’14, Ligue 1 side Monaco tried to avoid financial fair play penalties by hiding investments through an “offshore assembly” via Hong Kong and the Virgin Islands, according to LE PARISIEN. Following the ’13-14 season, Monaco qualified for the Champions League and needed new resources to comply with FFP rules. The club reportedly signed a partnership with marketing agency AIM Digital Imaging, an “offshore company registered in Hong Kong.” The company was responsible for guaranteeing €140M in revenue to Monaco for 10 years if the club “failed to reach that level of resources.” In Oct. ’14, the “atypical” contract was completed by “an investment agreement with City Concept Ventures, a screen company registered in the British Virgin Islands,” which would invest €140M per year in AIM Digital Imaging. City Concept Ventures is reportedly a “cover” for Russian billionaire and Monaco Owner Dmitri Rybolovlev. The scheme allowed him to inject money directly into his club, “bypassing” UEFA’s FFP rules. In May ’15, UEFA opened an investigation into Monaco’s deficits and fined the club €3M along with a year-long restriction on recruitment. The investigation reportedly “turned a blind eye” toward Monaco’s contract with AIM Digital Imaging. Meanwhile, Monaco’s “offshore agreement” fell through because of a feud between Rybolovlev and AIM Dir Bernard de Roos (LE PARISIEN, 11/5).
FIRM DENIAL: L’ÉQUIPE reported Monaco “firmly denied” having circumvented FFP rules through a contract with the marketing agency. The club does not deny the existence of a contract with AIM, but said that the contract “was never executed and as such, never entered into the accounts.” In a statement, Monaco said, “The club fervently denies bypassing financial fair play through a contract signed with a marketing agency. ... The published articles are composed of false information and many inaccuracies. The club had hoped to develop its commercial and sponsorship resources through the contract with AIM” (L’ÉQUIPE, 11/5).
