Billionaire completes Monaco takeover

Updated: December 23, 2011, 3:24 PM ET
Associated Press

MONACO -- A Russian billionaire has completed his takeover of the struggling Monaco soccer team.

The club announced on its website Friday that Dmitry Rybolovlev's company, Monaco Sport Invest, now owns two-thirds of the team.

Monaco is last in the second tier of French soccer, with one win in 18 games. It won the French league title in 2000 and was Champions League runner-up in 2004.

The new owner's company promises to invest a minimum of $130 million in the club during the next four years.

Rybolovlev is among the world's 100 richest people with an estimated net worth of $9.5 billion. He made his money in fertilizer products.

Prince Albert of Monaco regularly attends the team's games and is optimistic Rybolovlev can turn the club around.

Copyright 2011 by The Associated Press