Sun, Nov 22 2009

Titan AC makes a bid for CSKA Sofia

Wed, Dec 24 2008 12:31 CET byNick Iliev 348 Views

Potential buyer for CKSA Sofia, Titan AC, has made a bid for the team but there was no concrete deal as of yet, Nikolay Ishkov, spokesman for waste management company Titan AC said.

"Nothing has been signed. We have made a proposal and the other side must take a decision upon it. Then we will meet to discuss and finalise details, and finally we can talk about putting pen to paper" Ishkov was quoted as saying by Bulgarian daily Dnevnik.

'The ball is now in their (CSKA) court," he said.

Current owner Pramod Mittal or their representatives were expected to release an official statement within a few days.

'Neither yesterday's statement from agency Blitz that the deal had gone through, nor the statement from Bulgarian news Agency BTA that CSKA Sofia has a debt of 17 million euro are true," Ishkov said on December 24.

"It is difficult to estimate the exact debt. We will look into the documents carefully after the holidays. Until now we have made only a brief survey on the matter," Ishkov said.

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Titan Sport acquires CSKA Sofia

The deal worth 10 million euro pits Titan as CSKA's new owners. A clause in the contract reveals that until March 31, Titan are required to meet all current debts accumulated by the club

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