Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Search of Air Algerie crash site continues

Read more

MEDIAWATCH

Sarkozy, Hollande and the scooter wars

Read more

MEDIAWATCH

Confusion online over Air Algérie flight

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

REPORTERS

Halal tourism on the rise

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

FRANCE IN FOCUS

WWI Centenary: the battle for Verdun

Read more

THE BUSINESS INTERVIEW

When big companies want to do good

Read more

  • In pictures: Debris and devastation at Air Algérie Flight AH5017 crash scene

    Read more

  • Kerry heads to Paris for new round of Gaza peace talks

    Read more

  • ‘No survivors’ from Algerian plane crash, says Hollande

    Read more

  • Paris bans new Gaza protest scheduled for Saturday

    Read more

  • Tour de France fans bring the ambience to the Pyrenees

    Read more

  • French families grieve for Algerian plane crash victims

    Read more

  • Protest against Gaza offensive turns deadly in West Bank

    Read more

  • Halal tourism on the rise

    Read more

  • LA Times wipes France off the map in air crash infographic

    Read more

  • Lithuania’s Navardauskas wins 19th stage of Tour de France

    Read more

  • French lawyer files complaint against Israel at ICC

    Read more

  • Ukraine names acting PM after Yatseniuk's shock resignation

    Read more

  • BNP to pay $80 million for defrauding Dept of Agriculture

    Read more

  • Deadly strike on UN shelter in Gaza Strip

    Read more

  • Pope meets Christian woman sentenced to death in Sudan

    Read more

Sport

Monaco football club pays to keep its tax exemption

© AFP

Text by FRANCE 24

Latest update : 2014-01-25

Monaco football club has fought off attempts to force it to move its headquarters into France by agreeing to make a "voluntary" contribution of 50 million euros to the French football league (LFP) in order to stay put.

Friday's deal means the club’s business offices can stay in Monaco and it can escape France's new 75-percent tax rate for the super-rich.

In March last year, the LFP issued the club, also known as AS Monaco, with an ultimatum – telling it to move its registered offices across the border into France by June 2014 or risk getting kicked out of the French league.

On Friday, Monaco agreed to pay the league 50 million euros over two years. The deal came ahead of a scheduled court hearing next week to rule on the affair, and was confirmed by an LFP statement, which said: "Monaco have agreed to pay a voluntary...and one-off sum of 50 million euros to the LFP and have dropped their action before the Conseil d'État" [France's highest administrative court].

Monaco is owned by Dmitry Rybolovlev, a Russian billionaire. After earning promotion to France’s top division, the club spent about 170 million euros on players last summer. The new French tax means that employers will have to pay a 75-percent tax on salaries over one million euros. By keeping its operation in the tax enclave, AS Monaco will be exempt.

"AS Monaco should be allowed to shoot for the top of French football,” Rybolovlev said in a Friday statement. “It’s good that this was understood.”

(FRANCE 24 with AFP)

 

Date created : 2014-01-25

  • FRANCE - MONACO

    French clubs take aim at tax-exempt Monaco

    Read more

COMMENT(S)