Football Club CSKA to List on Sofia Bourse
Thursday, 01 January 1970
The buyer of troubled Bulgarian football club CSKA, Lira Investments, plans to list it on the local bourse once it has finalised the deal for the club's acquisition from local Titan Sport, aiming to cover its debts with the proceeds, CSKA's executive director said.
Initially, 2.78 million CSKA shares will be offered to investors at a price of some 2.0 levs ($1.35/1.02 euro) per share, Aleksandar Todorov said in an interview broadcast by the Bulgarian National Television. The IPO is expected to take place by mid-August, he added.
"We would like 100% of the company to be traded on the bourse but I suppose this can happen in December at the earliest," Todorov said.
Last month Luxembourg-based Lira Investments and Titan Sport signed a preliminary contract for the sale of 100% of CSKA for some 6.5 million levs, local media reported.
CSKA has accumulated some 10 million levs in debt to the state, football players, managers, agents and suppliers, Todorov said.