Sun, Nov 08 2009

Titan Sport acquires CSKA Sofia

Wed, Mar 25 2009 15:53 CET byNick Iliev 1531 Views
Titan Sport acquires CSKA Sofia

The commission for protection of competition (CPC) has allowed Titan Sport's EAD bid for CSKA football club to go through, where the company has acquired 100 per cent ownership. "Titan has purchased 100 per cent of the shares of CSKA," a succinct statement by the commission announced, as reported by Investor.bg

Titan Sport is part of the Titan International Holdings AD. The company is engaged in several different spheres including issuing  advertisement rights, business consultations, trade representations, organising sports services for the public and the creation of sports academies.

The investigation conducted by the CPC concluded that there is nothing irregular about Titan's bid for the football club, so all pending proceedings were allowed to go ahead.

CPC stated that the "acquisition of the football club will not create any negative impact for the competitive environment in Bulgaria. There is no evidence suggesting that this has anything to do with monopolising the market, so there will be no negative repercussions whatsoever".

Titan's representatives, Ivo Ivanov and Mitko Borissov, have signed a contract by which the new owners are obliged to cover all outstanding financial obligations of the football club until March 31.

"The deal itself is worth a little more than 10 million euro," said Alexander Tomov, CSKA's president as quoted by Gol.bg on March 23.

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