AS MONACO BASKET, LAST YEAR’S EUROLEAGUE FINALIST, DISSOLVED

MONACO, OCTOBER 7 /SRNA/ - AS Monaco Basket, which has enjoyed major success in European competitions, has initiated bankruptcy proceedings after becoming unable to meet its financial obligations.

The financial downturn followed problems faced by the club's owner, Russian businessman Alexey Fedorychev, whose company has been hit by sanctions and developments stemming from the conflict in Ukraine.

Due to earlier financial instability, the team was sanctioned by the EuroLeague last season.

Delayed salary payments led to the departure of key players, including Mike James.

The Principality of Monaco stepped in at one point with a 2.5 million euros loan to cover the most urgent obligations, but it was not enough to prevent the collapse.

In August, the French Basketball Federation relegated Monaco from the top division, barring the club from competing in professional competitions because it failed to meet registration requirements.

The club was supposed to continue competing in the third-tier amateur division, but that will now not happen either.

Over the past 12 years, Monaco has won three French league titles, four Leaders Cups, two French Cups and the EuroCup in 2021. The team also reached the EuroLeague Final Four twice, including one appearance in the championship game.

In May last year, Monaco lost to Istanbul-based Fenerbahçe in the EuroLeague final.