Ambitious Monaco promote technical director in management restructure September 10, 2012 -- Updated 1525 GMT (2325 HKT) In the summer Monaco signed Argentine youngster Lucas Ocampos (right) for a reported $19m from River Plate. French club Monaco promote Norwegian technical director Tor-Kristian Karlsen Karlsen takes up roles of chief executive officer and director general Ligue 2 club last won French league title in 2000 Russian billionaire Dmitry Rybolovlev bought majority stake in Monaco in 2011 (CNN) -- AS Monaco have promoted their Norwegian technical director to chief executive as the Ligue 2 team announced a management restructure as part of their strategy to return the French club to former glories. After buying a majority stake in the seven-time French champions in December 2011, billionaire Russian businessman Dmitry Rybolovlev has handed Tor-Kristian Karlsen, who before joining Monaco as technical director in March 2012 worked as a scout for Zenit St Petersburg, the dual role of CEO and director general. The club won the last of their French league titles in 2000 and were Champions League runners-up in 2004, before they relegated to Ligue 2 in 2011. However, Rybolovlev, who according to Forbes has a net worth of $9 billion and is the 13th richest man in Russian, has ambitious plans to revive Monaco. In the summer Monaco appointed experienced Italian manager Claudio Ranieri as their new coach and signing promising Argentine youngster Lucas Ocampos for a reported $19m from River Plate. As well as establishing a reputation as a scout who was capable of identifying emerging global talent, Karlsen was briefly Norwegian club Frekrikstad's sporting director between September 2008 and January 2009. "The management can now focus all its efforts on achieving sporting performance," Rybolovlev told the Monaco website. I am delighted to welcome Tor-Kristian Karlsen to his new position of Director General and CEO -- he has exactly the right qualities and experience to drive the future performance of ASM. As part of the restructure, Dmitry Chechkin is to step down as vice-president, with that role to remain vacant. Monaco are currently second in Ligue 2, a point behind Dijon. August 31, 2012 -- Updated 1706 GMT (0106 HKT) Despite the new Financial Fair Play rules, Europe's top clubs have been spending big on players ahead of the August 31 transfer deadline. August 23, 2012 -- Updated 1702 GMT (0102 HKT) Football's new Financial Fair Play rules have got some of the world's biggest clubs worried, and they are desperately seeking to avoid sanctions. August 23, 2012 -- Updated 0841 GMT (1641 HKT) Over the last decade, Europe's football clubs have become the new must-have accessory for any billionaire itching to blow a big chunk of their wealth. August 16, 2012 -- Updated 1709 GMT (0109 HKT) Wealth, fame, adulation and constant media attention. The life of a top footballer is far removed from that of the average man on the street. CNN's Pedro Pinto takes a look into his crystal ball ahead of the new European football season. Do you agree with his picks and predictions? With PSG raiding Italy's Serie A in search of talent, CNN's Pedro Pinto asks if the Qatari-owned French club can rival football's best? July 13, 2012 -- Updated 1259 GMT (2059 HKT) For sale: One football club, formerly the best in Europe, now fallen on hard times. Buyer: Rich Middle Eastern family, determined to restore club's "glory days." July 12, 2012 -- Updated 1513 GMT (2313 HKT) Soccer stars have plenty of spare time and money, so revelations of players "spot-fix" gambling should come as no surprise. June 29, 2012 -- Updated 1447 GMT (2247 HKT) Can English football reinvent its "warrior" style to emulate the success of freeflowing football nations such as Spain and Germany? June 20, 2012 -- Updated 1535 GMT (2335 HKT) China's domestic league is plagued by corruption and its huge population is indifferent towards soccer. So why are top stars heading there? May 29, 2012 -- Updated 0930 GMT (1730 HKT) Barcelona coach Pep Guardiola might have walked away from football to take a sabbatical, but he has left a huge legacy after only four years in charge. May 23, 2012 -- Updated 0918 GMT (1718 HKT) Manchester City's English title came at a staggering cost, but fans of the Abu Dhabi-owned team got their money's worth last season. May 22, 2012 -- Updated 1454 GMT (2254 HKT) Bayern Munich might be licking their wounds after defeat to Chelsea, but the German club can find comfort in victory of a different kind.