Jean-Louis Campora has resigned as AS Monaco FC president after running the French club for 28 years.
Campora, 62, will be replaced by Pierre Svara, an administrator considered to be close to the Principality's royal family. Monaco had been threatened with relegation due to debts topping €50m until a reprieve last week from the French Professional League's financial committee after the club put up €25m as a guarantee. They will still be banned from buying players for the time being.
'The time has come'
"I said 18 months ago that I would hand over the presidency," confirmed Campora, who delayed his resignation until the club's demotion troubles had been resolved. "It was not possible to leave the ship when it was sinking. Now that solutions have been found, the time has come."
Deschamps to stay
Svara has announced that former French captain Didier Deschamps will continue as coach next season, having led the club to victory in the French League Cup and into next season's UEFA Champions League first group stage. Monaco finished second in Ligue 1 and missed out on the title by a single point from Olympique Lyonnais.