Russian billionaire to take over Monaco

Russian businessman Dmitry Rybolovlev will take over AS Monaco by the end of the year, the club's president said on Tuesday.

"We have a plan designed in such a way that everything will be decided before the end of the year and it will be Mr Rybolovlev and his group," Etienne Franzi told reporters after a hearing by the French League's financial watchdog.

"It's good news for AS Monaco and for French football in general."

Rybolovlev, 93rd on the Forbes list of billionaires, sold his stake in fertiliser producer Uralkali for $6.5 billion in June 2010.

Seven-times French champions Monaco, who reached the Champions League final in 2004, were relegated from Ligue 1 at the end of last season and have been struggling this term as they lie bottom of Ligue 2 with only one win from 16 games.