Bulgarian Football Club CSKA Sofia Avoids Bankruptcy, Appoints Businessman To Board

Bulgarian football club CSKA Sofia "looks to have dragged itself away from the possibility of bankruptcy with the appointment of one of Bulgaria's biggest businessmen," Petar Mandjukov, to the board, according to Alexander Krassimirov of INSIDE WORLD FOOTBALL. This follows the club's "failed attempt at becoming a publicly-owned company on the Bulgarian Stock Exchange." Mandjukov has "immediately stumped up the cash to secure the club's license from UEFA" and CSKA Sofia President Alexander Tomov has announced that the club budget for the coming season will be between €5M-€6M ($6.8M-$8.2M). He also announced that there will be "changes in the marketing strategy of the club, which he said was 'very weak.'" Tomov said the club has plans to "launch its own TV channel and club publication, mirroring the commercial activity of other European clubs" (INSIDE WORLD FOOTBALL, 6/3).