Post by QPR Report on Mar 27, 2009 17:42:53 GMT
Bulgaria gives green light to sale of CSKA Sofia
SOFIA (AFP)
Bulgarian authorities gave the green light on Wednesday to the sale of top Bulgarian football club CSKA Sofia by its Indian owner, businessman Pramod Mittal, to a Bulgarian company.
The country's competition protection committee said on its website that the "acquisition of 100 percent of CSKA's shares by the Bulgarian Titan Sport company" will not contravene national anti-monopoly legislation.
The authorisation was necessary for Mittal and Titan Sport to finalise the sale of the club after a corresponding agreement was signed on March 6.
Mittal, who is the younger brother of steel magnate Lakshmi Mittal, bought the club two years ago. But his spell as club owner was characterised by various financial troubles.
CSKA, who have won the Bulgarian championship 31 times and are the current champions, did not take part in this season's Champions League after failing to cover their debts and obtain a license.
www.citizen.co.za/index/Article.aspx?pDesc=1,1,22&Type=football&File=newsmlmmd.70e3d0e39de7fb6fec18057cf4195ca2.101.xml