Stoichkov Buys, Plans to Restructure Legendary Bulgarian Football Team CSKA

Former football star Hristo Stoichkov has announced he has acquired all shares of top Bulgarian football team CSKA Sofia and that the side will have a new identity from now on.

"The CSKA that we know exists no more," announced Stoichkov Saturday before a friendly game, reports TV7.

The former footballer, who has already managed a number of foreign and Bulgarian teams, also showed CSKA's 6.5 M shares, which he acquired from former owner, the Titan company.

Stoichkov also revealed that CSKA has been declared in default and will not take part in the next Europa League, albeit ranking 3rd in Bulgaria's 2012-13 nationa football championship.

"CSKA must now find another team with which to merge in order to use their license and remain in Bulgaria's A-league," said the internationally renowned forward.

CSKA is the Bulgarian football team with the historically best performance in international tournaments, and Stoichkov's international career was propelled by a stint in the side in the late 1980s.

During the last few years, CSKA Sofia was plagued by chronic financial hardships and problems in the team's management, which has resulted in uncompelling performance.

According to reports, Stoichkov plans to merge CSKA with Litex Lovech, to which he has been serving as head manager since early 2013.

Early June, Stoichkov was also appointed manager to CSKA.

Litex Lovech rose to fame in Bulgaria in the late 1990s and has since won 4 national football titles.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!