By Jaroslaw Adamowski
February 9 – Petrolul Ploiesti has filed for insolvency as the Romanian club’s financial base has become unstable following the arrest of its owners and management. The side is representative of a wider trend plaguing Romania’s football, with five other major clubs filing for insolvency earlier.
Petrolul currently competes in the I Liga, the country’s top tier of professional football league. In the 2014/2015 season, the troubled side is ranked third, preceded by CFR Cluj (also in financial difficulty) and Steaua Bucharest, who are second and first, respectively.
Other Romanian sides which have entered insolvency proceedings include Dinamo Bucharest, Rapid Bucharest, Otelul Galati, CFR Cluj and Universitatea Cluj.
In November 2014, Romanian prosecutors from the Directorate for the Investigation of Organised Crime and Terrorism (DIICOT) decided to launch a probe into the two main shareholders of Petrolul, Daniel and Nicolae Capra, and the club’s general manager, Marius Bucuroiu. The three officials were arrested together with four others on suspicion of money laundering and tax evasion.
With the club’s leadership and financial supporters stripped from involvement in the day-to-day management of the company, it has spiraled into crisis, despite strong performance in the league.
Petrolul’s major achievements include securing four Championships of Romania and three Cups of Romania. In the past two seasons the side competed in the UEFA Europa League. The club has a 15,000 capacity stadium.
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