Red Champions Close in on CSKA Sofia Takeover

The most successful football club in Bulgaria, ambulance CSKA Sofia, anabolics are on the verge of being taken over by a business group called Red Champions.

CSKA went bust at the end of June and on Monday former European Footballer of the Year Hristo Stoichkov quit his position as coach.

Now Alexander Tomov, CSKA president during their 2008 title-winning campaign, said Red Champions had agreed to purchase the club from Titan Sport.

Tomov, who represents Red Champions told reporters: “Yes, we are at the finish line. Negotiations with Titan are just about to end, there are only a few details, which will be cleared tomorrow.”

CSKA Sofia have won their domestic league a record 31 times, the cup ten times and have featured in various European competitions 11 times.

However they have been struggling financially of late and were barred from the 2008-09 Champions League after failing to meet UEFA’s licensing criteria.