Bulgarian football club CSKA has a new majority owner after Aleksandar Tomov announced his withdrawal on Sunday.

Negotiations were concluded on Monday and all documents have been signed, but the name of the new owner has not been revealed yet, daily Dnevnik reports.

Tomov withdrew as president of the supervisory council and from all management positions he held within CSKA.

He informed the executive director of CSKA of his decision on March 30 and met with the leaders of the main fan factions on April 2.

At the meeting with the fans, Tomov gave his consent on the transfer of his shares to a person, who had been designated by the new investors.

According to him, his actions were a reasonable and realistic step directed towards the future development of the club.

Tomov added that his withdrawal from the management of the club did not signify refusal to help the team in the future as this was a moral duty.

He expressed his gratitude to the tens of thousands of fans, the coaches and football players and the administration with whom he shared the victories and records during his time at the helm.

In his words, he fulfilled his personal professional duty in the two periods of his management, especially in 2008 when CSKA claimed Bulgaria's championship title by winning the A Group.

Tomov considered these two terms as enough and now was the time for some young leaders, backed by responsible and solid financial structures, to take over the management of CSKA.

He added that he had fulfilled his initial intention to return to CSKA for a short period of time in order to save the club.

Tomov expressed his satisfaction with the new investors in the club, who initially helped with the financing of the club and later in March acquired the control stock of CSKA.

He assured that the investors had solid business and opportunities and were in the position to ensure the financial prosperity of the club.

These developments come as the deadline for repaying CSKA's debts expired, which threatened the granting of licences for participation in the domestic and European tournaments.

At the same time, CSKA suffered its heaviest defeat in the new century after losing 4-0 to its direct opponent for the championship title and current leader Ludogorets on Saturday.