On the eve of its appearance before the CNOSF, AS Monaco Basket must deal with a new withdrawal by Jamal Mashburn. Lacking financial guarantees, the Monégasque club is reactivating the project carried by Clayton Sport and Ronaldinho.
A new twist for AS Monaco Basket. While the Roca Team was supposed to present its takeover project on Thursday, August 20 to the French National Olympic and Sports Committee (CNOSF), Jamal Mashburn has withdrawn from the process once again.
The former NBA player, heading the Helen Holdings fund, was supposed to provide the necessary guarantees for the continuation of the club’s professional activity. The financial conditions requested by the CNOSF were not met. Among the requirements was notably the presentation of guarantees for a contribution of 10 million euros.
This new failure comes after a first withdrawal before the decision of the Federal Appeals Chamber of the French Basketball Federation (FFBB) on August 1. The body had then confirmed the refusal of AS Monaco’s entry in Betclic Elite.
The Monégasque management must therefore change strategy just hours before a new deadline. A project already presented a few days earlier is now back in the spotlight.
The Clayton Sport and Ronaldinho project relaunched
In an emergency, Oleksiy Yefimov turned to Romain Goiran, vice-president of the Barbagiuans, and entrepreneur Benjamin Erisoglu. The two men are working on a proposal associated with the Andorran investment fund Clayton Sport.
The project also brings together several Brazilian investors and Ronaldinho. The former Ballon d’Or winner notably participated in a match with the Barbagiuans in the spring in the Principality.
The new proposal provides for a different distribution of capital. Romain Goiran and Benjamin Erisoglu wish to hold 90% of the shares. The association would retain 3%, while Oleksiy Yefimov would keep 7%.
The project must now be examined urgently. An audit of the club’s financial and administrative situation must notably be carried out before any potential takeover.
The file also has a particular feature. The potential buyers would be ready to take over AS Monaco Basket even in case of relegation to a lower division. A guarantee that would allow the project to remain valid regardless of the outcome of the current procedure.
A request for postponement to August 25
The schedule is now the main obstacle. With this project change occurring on Wednesday, it is difficult for the club to present a complete and sufficiently documented file to the CNOSF as early as Thursday morning.
The new guarantees must also be communicated to the various bodies concerned before their examination. AS Monaco Basket’s lawyer therefore requested the postponement of the hearing to August 25.
This date corresponds to the one initially envisaged by the CNOSF. An unfavorable response to this request could force the Olympic body to rule as early as Thursday on a substantially revised file.
In case of an unfavorable opinion, AS Monaco Basket would still have the possibility of appealing to the administrative court. The procedure could therefore continue beyond the CNOSF hearing.
A few weeks after winning the French championship, the Leaders Cup, the French Cup and the Super Cup, the Roca Team now finds itself facing new uncertainty about its future in professional basketball.
The project carried by Clayton Sport and Ronaldinho is now the new takeover path. It remains to be seen whether financial guarantees can be established in time to allow the club to continue its activity at the highest level.
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