Football: Monaco can keep HQ in Monaco...for $87.5 million
Published on Jan 25, 2014 3:16 AM
PARIS (AFP) - Monaco have won the right to keep their head office in the Principality rather than in France but only after agreeing to pay France's professional football league (LFP) 50 million euros (S$87.5 million).
Friday's agreement to the long running dispute means Monaco will escape France's new 75 per cent super-rich tax rate.
The LFP in March 2013 issued Monaco with an ultimatum - telling the Ligue 1 side to move their registered company across the border into France by June 2014 or risk getting kicked out of the French league.
The dispute arose as French clubs felt Monaco received considerable financial advantages falling under the less onerous tax regime of the Principality.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here