ST. PETERSBURG. VTB did not manage to manage the Moscow football club “Dynamo”, admitted the president – the chairman of the bank Andrei Kostin. There is no expertise in the bank that would allow to manage this club. “It’s a bad project for us, the team is playing badly,” added Kostin. “We will finish building the stadium (“ Dynamo ”in Petrovsky Park. -“ Vedomosti ”), the banker promises. “But we will reformat our relationship.”
By the end of the year VTB will transfer the entire stake in Dynamo to the Central Council of the Dynamo sports society. The parties announced the deal a year ago, but it has not yet been closed. A year ago, it was announced that VTB had issued a power of attorney to the Central Council to vote with a stake in the bank.
VTB will sign a sponsorship contract with the football club. But it will be very small in terms of football, says Kostin. However, Dynamo has a project for the construction of commercial real estate in Petrovsky Park. Due to the sale of the premises, the club can receive stable financing for two years, Kostin said.
In 2015, the bank spent 4.5 billion rubles on a sponsorship contract with FC Dynamo. But last year, UEFA suspended the club from participating in European competition for one season due to a violation of financial fair play. According to FFP rules, club expenses should not exceed its income. The club’s deficit over the past three seasons has exceeded 307 million euros, and VTB has spent more than 260 million euros to support Dynamo, according to the UEFA report. In the ended season, VTB promised to allocate 1 billion rubles to Dynamo.
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