CSKA Sofia funds stadium development company but warns of enemy forces

May 15 – Bulgaria’s CSKA Sofia has taken another important step in the construction of the club’s new stadium with the start of the dismantling of the Bulgarian Army Stadium.

The demolishing of the stadium and the ground clearance will take several months to provide the site on which the new stadium will built.

Last year the club created a joint venture with the Bulgarian state to operate the stadium on a concession basis. Sports Properties Bulgarian Army (SPBA) has a capital of BGN 56 million (€28 million), which will be funded jointly by government and CSKA.

Although CSKA recently changed its ownership, on Tuesday the club said that fulfilled their obligations and contributed their share of BGN 21,375,500 (€10,687,750). Until then, the club and the state had contributed a little over BGN36 million (€18 million) towards the capital of the company.

However, the Bulgarian club expressed concern that, despite the serious pace of work, CSKA will have to solve a number of cases created by “detractors”.

“Today, BGN 21,373,500 was paid into ‘Sports Properties Bulgarian Army’ (SPBA) – the joint company between the state and CSKA. With this, we fulfilled our legal commitment to invest a total of BGN 28,498,000 in the company. The funds will be used for the reconstruction and modernization of both the Bulgarian Army Stadium and the training base in Pancharevo, which we also aim to transform.

“We don’t expect everything to happen smoothly. On the contrary – we know that we will encounter problems from ill-wishers and we will face a number of cases, but we are determined to deal with everything on the way to building a new “army” home,” CSKA Sofia said in a statement.

Contact the writer of this story, Aleksander Krassimirov, at moc.l1715981530labto1715981530ofdlr1715981530owedi1715981530sni@o1715981530fni1715981530