Levski Sofia Ownership in flux as Sport Republic Deal Faces Scrutiny
The future of Bulgarian football club Levski Sofia hangs in the balance as owner Nasko Sirakov navigates preliminary talks with Sport republic, a multinational sports investment firm, for the sale of a majority stake (85.7%).The potential acquisition, while offering a lifeline to the financially strained club, is subject to notable due diligence and guarantees, raising questions about its ultimate success.
Sport Republic’s Expanding Portfolio
sport Republic already boasts a growing portfolio of football clubs, including English side Southampton, French club Valencian, Turkish team Goztepe, and Malian outfit Mali Koura.Notably, the current coach of Goztepe is Stanimir Stoilov, a popular figure among Levski supporters and a former manager of the Bulgarian club, adding an intriguing layer to the potential acquisition.
Previous negotiations and Lingering Concerns
Initial discussions between Sirakov and Dirk Gerkens, the executive director of Sport Republic, confirmed the firm’s interest in acquiring the shares. However,Sirakov has insisted on a formal letter of intent and a complete financial audit – a condition that stalled previous negotiations in February 2023. At that time, interest also came from Dragan Šolak, former boss of United Group and a stakeholder in Sport Republic, but was ultimately withdrawn due to the club’s outstanding debts exceeding BGN 20 million to former owner Vasil Bozhkov. Šolak was replaced by Gerkens at the helm of the corporation in June of this year, having previously managed Nova Broadcasting Group, a company within the United Group portfolio.
Sirakov Sets Demands for potential Sale
While now open to a deal, Sirakov has publicly outlined a series of demands to Sport Republic. These include the appointment of authorized representatives for negotiations, firm guarantees of the club’s autonomy and unique identity, and protection against being used as a “satellite” club to benefit other teams within the group. He also emphasized the importance of adhering to financial fair play regulations, securing investment commitments, and achieving positive sporting results.
“We are waiting for official steps, concrete answers to the above questions and mandatory guarantees to protect the club’s independence, identity and European ambitions,” Sirakov stated. He further cautioned Sport Republic that he is actively engaged in discussions with other potential buyers for Levski.
Fan Concerns Mount Over Stadium and Performance
The potential sale comes amid growing discontent from Levski supporters, who have voiced concerns about the club’s direction and lack of progress. The “Levski” fan association of Levska fans” recently questioned sirakov on the status of the long-awaited Georgi Asparuhov stadium construction, revealing that approximately BGN 600,000 of fan contributions have been spent on pre-project activities with limited visible results.
According to the chairman of the association, Dimitar Kostadinov, “We are not aware of any results… We have no answer as to whether there is a plan for how our team will develop. Every season without a title or a Cup is a failure.”
supervisory Board Highlights Stadium as Priority
Momchil Lazarov,a member of Levski’s supervisory board,echoed these sentiments,emphasizing the critical importance of the stadium project. “The question of the stadium is much more important than any result,” he asserted. “Without [answers to these questions], a club cannot adequately exist nowadays.”
Questions Raised About Coaching Contracts
Further scrutiny was directed at the club’s recent coaching contract with Julio Velazquez. Petar Dimitrov, a TV presenter for the fan association, criticized the three-month duration of the contract and a clause stipulating salary payment only if the club cancels the agreement, calling it “something new in football.” He noted that even Bulgarian coaches typically receive more secure contracts.
The situation at Levski Sofia remains fluid, with the outcome of the potential sale dependent on Sport Republic’s willingness to address Sirakov’s concerns and satisfy the demands of a passionate and increasingly vocal fanbase.
