Bankrolled by Russian owner Dmitry Rybolovlev, the club have signed coveted Colombian striker Radamel Falcao as part of a €120 million investment to try to regain a place among Europe's elite despite attracting only a few thousand fans to home games at the Stade Louis II.
However, the spending spree has put the club on a collision course with French football authorities unhappy at the way they can use local laws to tempt top foreign players with tax-free salaries.
Monaco also ultimately risk falling foul of Financial Fair Play rules designed to force Europe's top clubs to curb their losses or face exclusion from continental competitions.
"ASM is continuing to strengthen its team with the goal of creating a team that will be highly competitive in Ligue 1 while also playing an attractive brand of football," a club spokesman said.
"The Club President has said publicly he would like to achieve qualification for the Champions League."
"AS Monaco FC is aware of its obligations and will respect the rules," the club spokesman said when asked about the impact of Financial Fair Play.
UEFA has shown that it means business by barring Qatari-owned Spanish club Malaga from next season's Europa League because of late payments to creditors.
Daniel Geey, a sports lawyer with London firm Field Fisher Waterhouse, believes that clubs may be given a little initial slack by UEFA on rules that put a €45m cap on aggregate losses before clubs are forced to move to break even.
"It's certainly not a foregone conclusion that every club in breach of the breakeven rules will be expelled or banned," Geey said. "Some believe that, initially, warnings and less harsh sanctions may be appropriate for non-compliant clubs.
"However, such a soft-touch approach will not go down well with clu
