Bulgaria's Financial Supervision Commission has "refused to allow release of the prospectus" for a second attempt in a year at an initial public offering by Bulgarian side CSKA Sofia, according to Alexander Krassimirov of INSIDE WORLD FOOTBALL. Meanwhile, after a "desperate plea by management for cash to save the club," fans have been donating money to ensure the club "can get its license to play." Last year, the club "failed in its first bid to become a public company listed on Bulgarian Stock Exchange." CSKA Sofia's main shareholder Alexander Tomov has repeatedly said he will "make a second attempt" to keep the club afloat. Bulgaria FSC VP Vladimir Savov said, "The refusal (for giving any detail) is not just one reason. The main concern of our committee is to protect investors' rights. They should be informed about the investment that they are offered -- opportunities, financial information, potential risk transactions, exposure of the company. They should be able to make an informed decision whether to invest." While the the IPO is stalled, hundreds of CSKA Sofia supporters have "responded to a call from management to support the club financially, so the club can receive its license." CSKA has only four days to cover debts amounting to nearly BGN 1M ($553,000) (INSIDE WORLD FOOTBALL, 3/30).
