Russian billionaire Aleksej Fedoricsev has acquired a majority stake in AS Monaco Basket and will serve as the new president of the top-tier French basketball team.

He has purchased a 46.4% stake in the team from Ukrainian billionaire Sergey Dyadechko to become the majority owner.

Dyadechko will retain a role with Monaco as vice-president of sports operations.

During his tenure, the team won Europe’s second-tier EuroCup last year, which earned them qualification into the top-tier EuroLeague for the first time this season.

Domestically in France, Monaco also compete in the LNB Pro A league.

Fedoricsev already has an existing relationship with Monaco as Fedcom, the Russian chemicals company which he owns, is the club’s main sponsor.

Fedcom has also had a long-standing partnership with Monaco’s soccer team in Ligue 1.

Fedoricsev has had several interests in sport, mainly in soccer where he previously owned Russian clubs Dinamo Moscow and FC Rostov.

He said: “This project is exciting and positions Monaco a little more on the map of sport and performance. I am very proud to continue to support the red and white colors that I have worn for more than 30 years and to succeed president Dyadechko to write the next pages in the history of the club.”