Don't miss

Replay


LATEST SHOWS

THE DEBATE

A whole new world: Trump anniversary special

Read more

#TECH 24

Will artificial intelligence ever surpass the human brain?

Read more

FRANCE IN FOCUS

Aiding migrants in France: What are the legal implications?

Read more

FOCUS

The challenge of clearing Colombia of landmines

Read more

REVISITED

Video: Gambians reflect on first year of democracy

Read more

FASHION

Pitti Uomo in Florence, the world's largest men's fashion showcase

Read more

ENCORE!

Award-winning Filipino filmmaker Brillante Mendoza on keeping it real

Read more

REPORTERS

Exclusive: On the frontline with Shiite militias in Iraq

Read more

#THE 51%

Explaining #MeToo criticism: The French love of freedom and debate

Read more

Sports

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)