Bulgarian giants CSKA Sofia fold as Stoichkov handed full control

Hristo StoichkovBy Andrew Warshaw
June 24 - Bulgaria's most successful club, CSKA Sofia, has declared itself bankrupt and will try to merge with another club to carry on competing in a different guise next season - or end up in the amateur ranks. The 31-time national champions have been struggling financially in recent years, along with many Bulgarian clubs, and were barred from the Champions League in 2008-09 after failing to meet UEFA's licensing criteria.
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