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Botev Plovdiv Facing Bankruptcy Unless €2.7M Raised
Botev Plovdiv has said it may be forced to declare bankruptcy in the near future as a result of the complicated financial situation it has been left in with the club’s owner Anton Zingarevich’s ten-year ban on residence in Bulgaria.
For nearly a year, the club has had difficulty paying the salaries of its players and coaches and has been accumulating new debts. At the end of the season many players, including coach Dushan Kerkez, left the club.
The club has now published its debtors list and announced three options for keeping it operational. Botev did not rule out the possibility of the club being declared bankrupt.
The options were agreed in a telephone conversation between the club’s management and Zingarevich.
Botev Plovdiv’s liabilities currently amount to BGN 5,455,000 (€2,75 million) of which BGN 438,000 have been restructured (local taxes) until 2029.
The club’s management has published all three options:
Option 1: If a partner appears who is ready to invest €3 million in PFC Botev, Zingarevich will participate in the management of the club as a partner. The funds will ensure the functioning of PFC Botev until the end of the 2025/2026 competition year, with the goal of the representative men’s team being to finish in the top half of the table in the upcoming championship. In such a situation, the available list of coaches and players to be hired will be discussed with the future potential partner, and Mr. Zingarevich will write off all BGN 11 million (€5.5 million) of debt owed to himself for the 2023 and 2024 calendar years.
Option 2: If a person wishes to acquire the majority stake in PFC Botev, and wishes and needs to receive assistance for his easier and faster integration into the club, management will provide him with full assistance. In such a situation, the new owner will receive the club for the symbolic amount of BGN 1 (€0,50), and Mr. Zingarevich will write off all BGN 11 million (€5.5 million) of debt to himself for the 2023 and 2024 calendar years.
The deadline for the activation of either Option 1 or Option 2 is until the club can no longer generate enough operational cashflow – about 2-3 weeks. If Option 1 and Option 2 do not happen within this period, this will lead to Option 3.
Option 3: The majority owner returns his shares to the PFC Botev Association within the framework of the contract signed between them. If the minority owner finds a buyer for the club, Mr. Zingarevich will write off all 11 million leva of debt owed to himself for the 2023 and 2024 calendar years. If the PFC Botev Association fails to find a new owner, the debts to Mr. Zingarevich will remain so that he can participate in bankruptcy proceedings.
Insideworldfootball.com
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