Bulgaria's CSKA, Litex Consider Merger

January 16, 2013, Wednesday // 06:03
Bulgaria: Bulgaria's CSKA, Litex Consider Merger
Bulgarian businessman Grisha Ganchev, owner of Litex Lovech. Photo by Sofia Photo Agency

Two of Bulgaria's leading football clubs, CSKA Sofia and Litex Lovech, consider a tie-up, CSKA co-owners Ivo Ivanov and Dimitar Borisov revealed Wednesday.

It has been already made clear that Litex owner Grisha Ganchev may purchase 50% of CSKA's shares.

"The negotiations with Grisha Ganchev are ongoing. A merger of two clubs is not so easy. It is not clear whether it will happen now or in the summer, but it is possible to happen," Dimitar Borisov has told bTV.

CSKA is in a precarious financial condition, with its debts exceeding BGN 12 M – mostly towards the company that owns the club, Titan.

If the merger takes place, the Lovech-based team's top players are expected to join CSKA.


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