By Alexander Krassimirov
August 18 – CSKA Sofia’s board has given a breakdown of what has been a turbulent past financial year. The President Alexander Tomov (pictured) and CEO Alexander Todorov took charge of CSKA a year ago, when the club was facing bankruptcy.
Tomov said that over the past year the club has received over BGN 10 million (€5 million) in funding.
“Now I will tell you where the revenues for CSKA have come from,” said Tomov. “The club received over BGN 10 million since we took over. BGN 2.6 million (€1.3 million) came from the club’s main investor Lyra Investment company, BGN 4.4 million (€2.2 million) from transfers, BGN 1.6 million (€0.8 million) from shareholders, receivables from other clubs was BGN 700 000 (€300,000), from tickets BGN 800 000 (€400,000), there are other revenue in smaller sizes.”
He also said that CSKA complies with all the requirements of UEFA Financial Fair Play.
“Next year we are awaiting serious revenue in three ways. We need to solve the situation with our general sponsor. CSKA should have resolved this by the end of the year,” he added.
Talking about how the club’s finances are run following the takeover from the old regime, Tomov said: “Now in the club everything is transparent. A few years ago, the wages were paid in suitcases. For example, a player took BGN 22,000 (€11,000) per month but paid taxes for BGN 1,000 (€500) salary. Now we show what the wages of our players are.”
Meanwhile, the CEO of CSKA Alexander Todorov added: “From a state of bankruptcy now the football club operates on the principles of a working factory. We paid old debts more than BGN 7.5 (€3,6 m) million. For the license we paid over BGN 2 million (€1 m), which is the budget of the club for five months.”
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