By Jaroslaw Adamowski
January 17 – The municipal authorities of Kielce have decided to bail out troubled football club Korona Kielce with an allocation of PLN7.8 million (€1.9 million) from the city’s budget for 2015. The funds will allow the club to continue competing in the Ekstraklasa, the top tier of Poland’s professional football league, in the current season.
On December 31, the Polish club, which has been struggling to stay financially afloat, announced plans to file for bankruptcy.
“The analysis of the company’s situation, carried out on December 29, 2014, leaves no doubt that this decision is … necessary and fully justified,” said Marek Paprocki, the chief executive of Korona Kielce.
However, following the club’s announcement, the municipal authorities signed an agreement at an extraordinary meeting of the city council which allowed the provision of additional funds to the football club.
The city holds a 100% stake in the Kielce-based side, but it has been reportedly looking for a private investor willing to acquire the club.
Currently, Korona is ranked 14th out of the 16 clubs which compete in the Ekstraklasa. Set up in 1973, the side owns a stadium with a capacity of 15,550. Denmark’s Hummel is Korona’s kit supplier.
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