Botev Plovdiv to raise €5m via share issue to repay Russian owner Zingarevich, who says he is staying

September 5 – Bulgaria’s Botev Plovdiv is to increase its capital by nearly BGN 10 million (€5 million) in order to clear some its loans from Russian owner Anton Zingarevich.

A club statement said: “The Board of Directors decided to convene a General Meeting of the shareholders of PFC Botev AD, which will be held on October 24, 2023.

“The agenda of the General Assembly foresees an increase of the club’s capital from BGN 6,161,000 (€3.08 millionj) to BGN 16,000,000 (€8 million).”

The debts to majority owner Zingarevich were accrued in 2022. “The planned capital increase is an expression of the club’s consistent policy to permanently and sustainably improve the financial health of the club,” said the statement.

Botev Plovdiv have had a troubled start to the new season in Bulgaria’s efbet Liga with many difficulties. Poor results led to the dismissal of the team’s head coach Stanislav Genchev in August, which led to fans and businessmen called on Zingarevic to give up his shares for free and exit the club.

The Russian businessman reacted via an official statement announcing that he had no intention of leaving.

“Dear Botevists, in my capacity as the main shareholder of the Botev football club and in view of the recent events that have caused understandable tension among the “yellow-black” community, I am turning to you to inform you of the decisions I have made: First of all, I want to share that I have no intention of selling Botev Plovdiv. For the last three years, such proposals have been made to me many times and each one of them has been refused,” said Zingarevic.

“Second – I am very well aware of what Botev means to Plovdiv, as well as I am aware of the place I currently occupy. I also understand my place in the situation that has arisen, which I am determined to change radically. I will focus my full attention on doing what is necessary for Botev Plovdiv to take its rightful place, based on its traditions.

“In view of this, I would like to inform you that a comprehensive analysis of the work of all departments and employees in the club will be done, and each one of them who has done their work poorly will leave our club.”

Contact the writer of this story, Aleksander Krassimirov, at moc.l1716368078labto1716368078ofdlr1716368078owedi1716368078sni@o1716368078fni1716368078