UEFA Blacklists Bulgaria's CSKA over Overdue Payables

The UEFA Club Financial Control Body's has included Bulgarian giants CSKA Sofia in a list of 23 clubs involved in 2012/13 UEFA club competitions that have their prize money temporary withheld because of overdue payables.

As part of the first measure of the financial fair play requirements included in the UEFA Club Licensing and Financial Fair Play Regulations 2012, the clubs participating in 2012/13 UEFA club competitions had to provide information regarding the status of any overdue payables as at 30 June 2012.

Following its last meeting in August 2012, the CFCB investigatory chamber has identified that important overdue payables towards other clubs, and/or towards employees or social/tax authorities existed in 23 cases, including the Sofia-based club.

CSKA has been experiencing financial troubles recently and the future ownership of the club is still uncertain.

Last week, the Titan company that still owns the club claimed that it would get rid of all the club's debts and then sell it for BGN 14 M (approximately EUR 7 M).

"CSKA Revival", a group of investors willing to buy the club, has stated that CSKA now has debts of BGN 54 M, including BGN 41 M owed to Titan.