Anzhi Makhachkala Announce Major Financial Restructuring

August 8, 2013

Russian Premier League side Anzhi Makhachkala have announced details of a major financial restructuring programme after their initial strategy failed to bring success.

Anzhi were taken-over by Russia’s 19th richest man, order Suleiman Kerimov in January 2011 and with his $7.1bn fortune purchased star players such as Samuel Eto’o, health who they made the best paid footballer in the world.

Writing on his Twitter account, Anzhi chairman Konstantin Remchukov said Anzhi will be ‘re-formatted’ in a bid to bring its annual budget to around the $50-70m mark., instead of the original $180m budget.

A statement from the club read: “The new programme is aimed at gaining success in all the club’s subdivisions with no time limitations. Changes to the club’s budget are caused by UEFA’s up-to-date requirements and are linked with the club’s obligation to comply with financial fair play.

“At the same time, they won’t lead to considerable destruction to the team’s life and the current structure of our club on the whole. Modifications in the personnel policy will be oriented to a long-term prospect. However, a fire sale of the players or other actions that have been so heatedly debated in some areas of the media are not anticipated.

“The club will respect all contractual obligations towards the players. It must be admitted that the earlier steps taken, which were aimed at achieving success quickly through the involvement of big signings, were not successful.”

A report by Bloomberg says that Kerimov’s fortune is now $3.7bn after OAO Uralkali, the world’s biggest potash producer ended a trading joint venture with Belarus – Kerimov part owns Uralkali.

Uralkali’s stock has fallen 31% on the London Stock Exchange since July 19, wiping out $6bn of market capitalisation.