Dmitry Rybolovlev, the Russian billionaire, is reportedly contemplating the sale of his majority stake in the renowned AS Monaco football club. According to recent reports from the French newspaper Les Echos, Rybolovlev, who has resided outside of Russia for over a decade and is not subject to sanctions, received at least two purchase offers from American investors last year.
In response to this growing interest, Rybolovlev’s company has enlisted the services of the investment bank Raine Group as its exclusive financial adviser. The firm is tasked with exploring “strategic alternatives” for his stake in the club, as stated in an announcement from the tycoon’s family office. However, the statement also noted that this strategic review does not guarantee any transaction involving the club.
Dmitry Rybolovlev, 57, a prominent figure in Monaco who amassed his wealth in the Russian potash industry, acquired a 67% stake in AS Monaco in 2011. At the time of purchase, he committed to injecting at least 100 million euros ($130 million) into the club over four years. AS Monaco, a top-tier French football club, boasts eight league titles and is celebrated for its success.
Raine Group is recognized for facilitating major sports transactions, including the recent stake sale of Manchester United to billionaire Jim Ratcliffe. The group also managed the 2022 sale of Chelsea FC for Russian billionaire Roman Abramovich.
In a separate legal matter, Rybolovlev is embroiled in a lawsuit against Sotheby’s in New York. The billionaire accuses the auction house of complicity in a scheme that led to his overspending on art acquisitions. Sotheby’s has countered, suggesting that Rybolovlev failed to conduct adequate research. During a recent cross-examination in a Manhattan court, Rybolovlev conceded that his business acumen did not fully extend to his $2 billion fine art investments managed through a Swiss dealer. He admitted there was “room for improvement” in the handling of these acquisitions. The trial is set to continue this week.
