Levski Sofia creates newco to manage stadium rebuild and secure all commercial rights

February 2 – Bulgarian club Levski Sofia have created a new company to manage the reconstruction of the club’s new Georgi Asparuhov stadium, which is being built on the site of the old stadium which will be levelled.

The announcement by Levski comes against a backdrop of financial problems and the huge debt tax owed by the club has to the state.

Levski began a reconstruction of its stadium a few years ago, but managed to build only one of the stands. That reconstruction project was stopped due to a change in club ownership.

In 2017, Levski signed a naming rights sponsorship contract for the stadium with one of the country’s leading mobile operators in Bulgaria – Vivacom. Since then, the stadium has been officially known as the VIVACOM – Georgi Asparuhov.

The club said in a statement: “By decision of the Management Board of Levski Sofia, on 31.01.2024 (Wednesday), the company “Stadion Georgi Asparuhov” EAD, 100% owned by PFC Levski AD, was established.

“The purpose of the newly established organisation is to work actively to improve the overall infrastructure of the club, including the realisation of the most important step related to the development of Levski, namely: construction or complete reconstruction of a football stadium that meets the high standards and expectations of the “blue” supporters.”

The first priority for the new stadium company is ensure the club has long term and unencumbered legal rights to invest in, manage and develop the stadium.

“Currently, our team is actively working on creating the necessary prerequisites for the realisation of the stated goals, for the achievement of which we rely on your support and trust,” said the club statement.

Contact the writer of this story, Aleksander Krassimirov, at moc.l1709052026labto1709052026ofdlr1709052026owedi1709052026sni@o1709052026fni1709052026