Russian oil firm Lukoil steps in to refuel Spartak Moscow’s finances

August 23 – Russian oil firm Lukoil has acquired Russian Premier League club Spartak Moscow as well as the club’s home venue, the Spartak Stadium.

Lukoil announced the acquisition on Monday but gave no value for the sale.

The oil behemoth stepping in represents a lifeline for Spartak, a club that has been beset by financial problems following Russia’s invasion of Ukraine earlier this year.

Russia’s war prompted a number of retaliatory Western sanctions against Russia which crippled the country’s economy and isolated the local business community.

Last May, Nike withdrew as a sponsor of the club and Spartak were forced to dismantle their second team as finances grew tight.

Lukoil, already the club’s main sponsor, will take full control with president Leoni Fedun, a former vice-president of Lukoil – who acquired the club in 2004 when Spartak was also struggling financially – stepping down.

“I want to express my sincere gratitude to my friends and colleagues from Lukoil for agreeing to support such a significant social project as Spartak in this most difficult situation,” said Fedun in a statement on the club’s website.

Founded in 1922, Spartak is one of the biggest clubs in Russia, with 10 domestic titles to its name. They will not play in UEFA club competitions this season because the European governing body has banned Russian clubs from participating. Last season, Spartak reached the last eight in the Europa League before being knocked out by RB Leipzig from Germany.

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