Prince Rainier has blocked financially struggling Monaco’s attempt to sign a rescue deal with aRussian investment company.

The Monaco ruler rarely becomes involved in club business but all ownership matters have to be rubber-stamped by the palace.

Club president Jean-Louis Campora, who had been trying to find a new owner for theclub, had set up a deal with Fincominvest, run by controversial Russian financier Alexei Fedorichev, which was to invest €100million over three years.

A statement on behalf of Prince Rainier said he had rejected the deal because the Russian had not provided the necessary financial guarantees as agreed.

Speculation has linked Fedorichev with an involvement in mafia-backed chemical exports from the former Yugoslavia.
By Keir Radnedge