The Canadian Press - ONLINE EDITION

Monaco to pay French league 50M euros in deal to settle tax row

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PARIS - Monaco has agreed to pay the French league 50 million euros ($68 million) to settle a dispute about its headquarters being in a tax haven.

Last year, the league threatened to suspend Monaco if the club did not relocate its headquarters and tax base to France by June 2014. Monaco enjoys a significant advantage over its league rivals since it can attract star players to the principality with tax-free salaries.

Monaco responded to the threat by taking the matter to the French courts.

But in separate statements on Friday, both sides said an agreement had been reached to end the legal proceedings. Monaco's headquarters will remain in the principality and the club will continue to compete in the French League, in return for the payment of 50 million euros.

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