Football club “Dynamo” has agreed to sell VTB Bank belonging to him according to the investment agreement share in the development project “VTB arena Park” by debt. At the same time the Bank is ready to give in 74% of the shares of the team combining for one ruble.
It is reported in the Friday newspaper “Vedomosti” with reference to the Chairman of the society “Dynamo” Vladimir Strzhalkovsky.
The project “VTB arena Park” includes construction of about 500 thousand square meters of real estate, including a new stadium and entertainment complex. The cost of the project, VTB was estimated at $ 1.5 billion.
Strzhalkovsky expects that the proceeds will be enough to pay off the debt of the club before VTB, and the salary of players. The amount of the transaction and the size of the debt he did not disclose. The newspaper estimates the total debts of the club at 10.9 billion rubles.
The Bank became the owner of controlling stakes of FC “Dynamo” and managing company “Dynamo” in 2009. Then the debts of the club more than 240 million dollars was converted into equity.
In may 2016, “Dynamo” for the first time in the history of the club flew in the first League. Sponsorship of VTB in 2016 was cut by half to 2.25 billion rubles After that, the club was on the verge of bankruptcy.
“VTB continues to constructively engage and cooperate with Dynamo. Of course, dialogue is not the easiest, because it has a lot of problems, but cooperation continues,” said TASS, the first Deputy Chairman of the Bank and member of the Board of Directors of the team Vasily Titov.
Adding that VTB is trying to transfer 74 per cent stake in the club society of the same name in 2015, when UEFA punished the Dynamo for failure to comply with financial fair play.