By Alexander Krassimirov
March 25 – Julian Indzhov (pictured), who was in the final stages of negotiation to buy Bulgarian football club CSKA Sofia, has this morning withdrawn from the acquisition process.
It was expected Indzhov, alongside Ivaylo Mandzhukov (son of the shareholder Peter Mandzhukov) would take control of the club from Alexander Tomov and provide the necessary financial resources to take the club forward.
However, this will not now happen after majority owner Tomov refused to provide access to the necessary financial accounts to enable an audit of the club.
Indzhov and Mandzhukov issued a joint statement, announcing their intention to withdraw from the transaction, saying: “We hereby want to declare our unequivocal refusal to participate anymore in the farce that the majority owner of CSKA has played since the beginning of 2015. With our financial support till now, we credited the majority owner with confidence, largely to enable the operation of the club so far.
“Currently there is an attempt to transfer all the financial responsibility, which means repayment of all old debts of the club. So far the management of the club, respectively by the majority shareholder, have not given us the necessary legal and financial information on which to take serious management decisions for the future of the club.
“Since it is not serious to continue negotiating relationships to acquire a majority stake without knowing the whole truth about the financial state of the club, we give up negotiations to acquire a majority stake. We wish this majority owner success!
“Infront of us as shareholders and all the Reds is still standing the question about the possibility of majority owner to license and manage the club. We had the best will to help our favorite club, but with all his actions, the majority owner forced us to give up,” said the statement.
Indzhov is a tough talker. Earlier in the week at a press conference he announced that the main goal for the team was to win the Bulgarian title, and that if this is not achieved, all the coaching staff and backroom support team would be fired.
The following day head coach Stoycho Mladenov resigned.
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