Bulgarian businessman Todor Batkov has announced he is transferring all his shares in the Levski football club to three shareholders.

The ownership of Levski, which was not until long ago one of Bulgaria's best-known and most professional football teams, will be in the hands of Ivo Tonev, Aleksandar Angelov, and Nikolay Ivanov.

Batkov has owned Levski PFC since 2000, when the then owner Michael Cherney fled Bulgaria for fear of criminal persecution.

Wednesday's developments come against the backdrop of changes that also took place at cash-strapped CSKA football club.

While businessman Vasil Bozhkov, CSKA's previous owner, said he would start rebuilding the team after license troubles and financial scandals, a group of entrepreneurs is also claiming the right to own and use a team under the CSKA brand.