By Alexander Krassimirov
September 11 – Bulgaria’s CSKA Sofia will have to declare themselves bankrupt if the club want to return to professional football. The statement was made by the chief executive director of the club Alexander Todorov (pictured).
Currently CSKA compete in the third level of Bulgarian football having been dropped from the top tier after failing to settle its debts that resulted in the Bulgarian football Union refusing to grant the club a license to play in the top tier. The third tier is for amateur clubs.
But should the club win promotion to Group B, CSKA would be obliged to pay off all its outstanding debts – more than BGN 23 million (€11.5 million) – or reschedule them in time to obtain a professional license.
“Most likely, the club will go into bankruptcy. The struggle will continue. There is a scheme in which the club may continue to the upper division. You have to declare bankruptcy and then make certain necessary operations,” said Todorov.
“The Commerce Act requires the club to be managed by a bankruptcy trustee. I hope CSKA will stand on a strong foundation and continue to the upper divisions with discharged debts. I hope to come out with a positive result of all these operations. Owners should provide the necessary means and pay obligations to the state, so this issue is to them. Most likely, they will do it and the debts will be paid,” said Todorov.
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