Bulgaria's CSKA Professional Football Club Slides into Insolvency
PFC CSKA AD, the entity behind which once stood one of Bulgaria's top football clubs, has been declared bankrupt by the Sofia City Court.
The decision applies as of September 09, the date of the ruling, and can be appealed within six days of its inclusion into the Commercial Register, local sports media report.
A distraint has been imposed on the entity's assets.
CSKA Sofia, the team managed by debt-ridden PFC CSKA AD, was taken out of the top football division of Bulgaria after its license was revoked over prolonged debts.
Subsequently, entrepreneurs Grisha Ganchev and Vasil Bozhkov tried to initiate plans to recover the club which failed, with Ganchev later setting up his own entity - CSKA Sofia, which was admitted into the first football division (a new format of Bulgaria's top football division set up earlier this year) this summer.
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