A preliminary agreement for the sale of CSKA Sofia to Titan AC was signed on December 24, bulgarian media reported.

Only hours earlier, Nikolay Ishkov, representative of Titan AC had told journalists there was no contract yet and he did not expect to have one for at least several days.

"I told you, the situation is like the water level of the Danube, it constantly changes," Bulgarian daily Dnevnik quoted Ishkov as saying.

"The purpose of this contract is to garantee full exclusivity during the long technical procedure of transferring ownership. We want to have assurances there will not be any negotiations with other buyers, or any deals with respect to ownership," Ishkov was quoted as saying.

Details of the transaction were not reported, but the signing of the contract was confirmed on the website of CSKA. "This is a Christmas present for all who those love CSKA," the official reaction on the club website said.

The contract was signed in the presence of the owners of Titan AC Ivo Ivanov and Dimitar Borisov, Nikolai Ishkov and Alexander Tomov as representative of current owner a Pramod Mital.

Ishkov, who has experience in Bulgarian football as the owner of Spartak Varna, will enter the management of CSKA to oversee activities of Tomov and the current leadership on behalf of the new owners, Dnevnik said.

Titan AC was founded in 1997 and is currently one of the largest refuse-companies in Bulgaria. It is owned by Titan International Holding, whose shares are controlled by four owners: Ivo Ivanov, Dimitar Borisov and their wives, Dnevnik daily said.

"We have a clear and precise commitment to the development of CSKA. I hope to justify all expectations of the fans and the team," Ishkov was quoted as saying.

According to Ishkov, finalizing the deal would take up to three months.