Indian steel magnate purchases Bulgarian football club

 

SOFIA: Indian steel magnate Pramod Mittal has purchased the Bulgarian football club CSKA Sofia, according to news reports.

 

The CSKA players signed contracts once again with the new club owner, Focus news agency reported.

 

Mittal is the younger brother of Lakshmi Mittal, the world’s third richest man for 2005.

 

The Mittal brothers posses Global Steel Holding Ltd, the biggest steel producer in the world.

 

Rumours of the takeover were persistent over the last few months, as the then president Vassil Bozhkov insisted CSKA is not for sale.

 

It is only now that the deal was officially announced.

 

It was not immediately clear whether the new owner would keep coach Plamen Markov, the Sofia Weekly, a Bulgarian online newspaper reported.

 

Earlier reports claimed Pramod was keen to install a former Manchester United director onto the board at CSKA Sofia.

 

According to the Bulgaria's Topsport, if Mittal buys CSKA, the new sports director will be an Englishman, a former director at Manchester United. The person involved is a relative of Emil Cohen, president of CSKA's basketball club.

 

Pramod has business interests in Bulgaria, owning the biggest metallurgical factory in the country, based near Sofia.

 

 

Reuters adds: Steel giant Global Steel Holdings, who controlled 71 percents of Bulgarian steel mill Kremikovtzi, is run by Pramod and Vinod Mittal, the younger brothers of Lakshmi Mittal.   

 

“There is an agreement of principle between the current and the potential owner,” said Mittal's advisor Alexandar Tomov on Monday.

 

“But there''s still a lot of work to be done.”

 

CSKA, one of the most famous Bulgarian clubs, was bought in 2000 by Vasil Bozhkov, who is considered the richest man in the Balkan country.   

 

Bozhkov, however, angered CSKA supporters by sacking Serbian coach Miodrag Yesic in April and that decision was followed by frequent disputes between the fans and the club's management.   

 

Last season, CSKA shut one end of their ground following abusive chants aimed at the club's owner and officials.   

 

“The potential owner's goal is not only the Bulgarian league title but reaching (the) European level,” said Tomov, a former Bulgarian vice-premier.   

 

“This club is an institution. CSKA are 30-times Bulgarian champions, they have one million fans. Football in Bulgaria just can't exists without CSKA.”

 

Tomov will become a director of the club since chief executive Stefan Ormandzhiev has declared his intention to leave when the acquisition is completed.   

 

“I can help the club. It needs a new way of financing and it's necessary to accumulate resources,” said Tomov.   

 

The Sofia-based team's chief scout Dimitar Penev also confirmed Mittal is close to becoming the new owner of CSKA.   

 

“They are working on it and there will be more information about the deal on Tuesday,” he said.   

 

CSKA are second in the standings with 37 points from 15 matches, two points behind bitter city rivals Levski.