The owner of Bulgaria's football champions Ludogorets Razgrad, Kiril Domuschiev, will financially support the basketball club Chernomorets Burgas.

The team from the Black Sea coast finds itself in a very difficult situation, ranked bottom in Bulgaria's National Basketball League, with only 2 wins in 20 matches this season.

It is reported that the mayor of Burgas, Dimitar Nikolov, led the negotiations with Domuschiev and convinced him to invest in Chernomorets, according to Sportal.bg. The initial annual contribution will be around BGN 200,000, while Burgas Municipality will pour another BGN 60,000 to save the club.

Domuschiev, a wealthy Bulgarian businessman, took Ludogorets from scratch in 2010, when the Razgrad team was in the lower divisions, and in just 4 years turned it into one of the most successful teams in the country's history, winning 2 consecutive top division titles, and reaching the best 16 in the Europa League.

The net profit of Ludogorets from this season's Europa League competition amounts to some EUR 7 M, as the club owner recently revealed.