By Alexander Krassimirov
May 8 – The largest shareholder in Bulgaria’s CSKA Sofia Ivaylo Madzhukov (pictured) has admitted that the club is still threatened with bankruptcy. The new investors, however, have said they will do everything possible to prevent it. It is not yet clear whether the club will be granted a license for next season, because of the huge tax debt it owes the National Revenue Agency.
“I have said may times that the financial situation of the club is tragic. The truth at the moment is that there are serious prerequisites for bankruptcy. Shareholders do not want this to happen and are taking the necessary measures to avoid bankruptcy. The audit of CSKA is ongoing. This is a huge amount of work. We are making a legal analysis of the club from 2006 to the present day. Once we are done we will announce the results publicly,” said Mandzhukov.
“We are warning that the financial situation in CSKA is unstable, but that does not mean that we want to bring the company to bankruptcy. We should not speculate with that.
“We want to attract some specialists and create a rescue programme from a financial standpoint. This is a new approach to the management of the football club in Bulgaria.
“New shareholders may come after presenting our vision and strategy for the development of the club. Investors could not come from themselves, especially in an almost bankrupt company.”
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