Sofia City Court Upholds Insolvency of CSKA Football Club
Sofia City Court (SGS) upheld the insolvency of Bulgarian football club CSKA Sofia and ruled that the club has been insolvent since 31 December 2014.
The court appointed a temporary assignee and the property of CSKA is subject to distraint, private NOVA TV informs.
The decision of the court, which was issued on October 2, can be appealed within a period of seven days.
In June, the Bulgarian Football Union (BFS) revoked the licences of CSKA for participation in both the domestic A Group and the European tournaments due to outstanding debts.
As a result, the club holding the greatest number of championship titles, was relegated to the third division of the Bulgarian football league.
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