Titan, the owner of the Sofia-based football club CSKA is selling the majority stake to the initiative committee around GERB MP Emil Dimitrov.

Football legend Hristo Stoichkov is becoming President of CSKA, the Bulgarian news agency reported Wednesday, confirming earlier information coming from the MP.

The Member of the Parliament from the ruling Citizens for European Development of Bulgaria party, GERB, is one of the initiators of a Committee on the Revival of CSKA, featuring other public figures and businessmen, such as Plamen Markov, Dimitar Angelov, Georgi Atanasov, Lachezar Nikolov, Rumen Atanasov, and the Chair of the Parliamentary CSKA Fan Club, GERB MP, Stanislav Ivanov.

The Initiative Committee will invest ASAP a serious amount of money to be used for the club's maintenance, while Prime Minister, Boyko Borisov, had assured again that Russian energy giant Gazprom will become a sponsor, stressing there was need of some "technological time."

Negotiations between Dimitrov and Titan owners Dimitar Borisov and Ivo Ivanov have ended with the agreement that Titan will no longer be the majority owner of the team, which has won the national championship 30 times, and would not participate in the management of the Narodna Armia (People's Army) stadium.

The MP is quoted saying that Titan had no claims about the price of the shares. He reiterated Stoichkov is ready to become the Club's President.

CSKA Sofia was the club from which the latter started his exceptionally successful career as a footballer in the mid-1980s.

A total of nine companies are interested in sponsoring CSKA.

GERB MP Emil Dimitrov has become controversial in Bulgaria by pushing a number of legislative initiatives that some have described as lobbyism, servicing narrow corporate interests.