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SBD Global/December 11, 2013/Finance

Bulgarian Side CSKA Sofia Reports Cuts In Costs, Debt; Club Still Seeking Main Sponsor

Bulgarian side CSKA Sofia CEO Alexander Todorov said that the "new management of the club has reduced the salaries of the players about 35% compared to those who have paid the previous owners of Titan AS," according to Alexander Krassimirov of INSIDE WORLD FOOTBALL. Todorov added that the club's debts were "reduced almost with 50% and at the moment the club has obligations to the extent" €7.5M ($10.3M). Currently the club has "no main sponsor and the boss of the Reds said if there is someone who is willing to sponsor," the club should prepare a total of about €1M ($1.38M) per year. Todorov: "As you know, we (the new management) have the taken the club in a very difficult situation. The club was heading for bankruptcy. CSKA's debts at that time were over 35 million leva ($24M). From July until now, we managed to melt this amount and at the moment the obligations of the club are in between 15 and 16 million leva ($11M)" (INSIDE WORLD FOOTBALL, 12/10).
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