Great Wall Bulgarian Partner to Acquire 40% Share of CSKA Sofia

Bulgarian businessman Grisha Ganchev is to acquire a 40% stake in local football club CSKA Sofia, according to media reports.

Grisha Ganchev is the owner of the Litex company, based in the northern Bulgarian city of Lovech, as well as the eponymous football club (Litex Lovech.)

Current Litex Lovech coach Hristo Stoichkov will be appointed as CSKA's new president, the Trud daily says.

Last week, it was made clear that Grisha Ganchev would withdraw his financial support from Litex Lovech. The four-time Bulgarian A league champion will either cease to exist or compete in a lower-tier amateur league next season.

Some of the club's best players, including Bulgarian internationals Georgi Milanov, Nikolay Bodurov and Petar Zanev, are expected to be transferred to CSKA Sofia.

Ganchev's son, Danail, was recently detained during a special police operation codenamed "Sugar." Danail Ganchev and four other people are charged with large-scale tax evasion and participation in organized crime.

As of the end of 2011, Grisha Ganchev's joint venture with the Chinese company Great Wall Motors, Litex Motors, started the production of Chinese cars for the EU market in the Litex Motors factory near Bulgaria's Lovech, in the village of Bahovitsa.

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