Titan to Remain Shareholders in CSKA Sofia FC

Titan owners Dimitar Borisov (right) and Ivo Ivanov (left). Photo by Novinar

Titan, the former owner of the Sofia-based football club CSKA, will remain in the team's management after the sale of stakes to the initiative committee around GERB MP Emil Dimitrov.

The news emerged Tuesday after the meeting between the member of the Initiative Committee, Krassimir Georgiev, and one of the owners of Titan, Ivo Ivanov.

"They have ties with other businesses that need to be cleaned. They will have 50% of the shares. We propose that shareholders make annual deposits based on their shares. If they do not make the deposits, they will lose the shares. For the first 3 years Titan will be exempt from these fees," Georgiev, cited by the TV channel bTV, announced.

He further noted that some players will be dismissed after reaching an agreement with the coaches' team and that Stoycho Mladenov is to keep his post of Head Coach.

Titan are yet to state if they accept the proposal.

At the beginning of August, it was reported that negotiations between Dimitrov and Titan owners Dimitar Borisov and Ivo Ivanov have ended with the agreement that Titan will no longer be the majority owner of the team, which has won the national championship 30 times, and would not participate in the management of the Narodna Armia (People's Army) stadium. It also emerged that football legend Hristo Stoichkov is becoming President of CSKA

Later in August, information was released that a destraint has been levied on 100% of the shares of the CSKA Sofia football club, one of Bulgaria's top teams, over an old debt to Ukrainian tycoon Konstantin Zhevago.

The club's management was adamant the destraint would not interfere with the sale of the team.

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