AS Monaco Granted Reprieve Until July 31
During a court hearing on Friday morning, the judicial administrator reviewing the club's finances revealed that AS Monaco, the French champions, faced a deficit of over eight million euros at the end of June. This figure is in addition to the 16 million euros provided by the Société Nationale de Financement (SNF) to allow the team to complete the current season.
Club representatives informed the court that negotiations are underway with a potential buyer who could settle the debts and secure the necessary budget for the upcoming season. AS Monaco is slated to compete in the EuroCup.
The National Basketball League's Management Control Commission initially barred the Principality's club from its championships. However, AS Monaco has appealed to the French Basketball Federation's appeal commission, which is scheduled to deliver its verdict on July 24th.
The public prosecutor objected to an extension, citing the judicial administrator's report of a de facto payment default, as the club is unable to pay over one million euros owed to player agents.
"The law must apply regardless of prestige or activity. When you have an exigible debt not covered by available assets, you are in a state of payment default," stated the prosecutor.
Should AS Monaco cease to exist, Saint-Quentin, who finished 15th in the Betclic Elite and were eliminated in the playoffs, could potentially take their place.
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