Fedorychev to sell Dinamo Moscow

Alexei Fedorychev, owner of Russian Dinamo Moscow since 2004, will sell his shares in the club to Vneshtorgbank.

Fedorychev, who also owns Fedcominvest, promised to invest approximately USD 150 million in the Dinamo when he first bought the club and although he spent USD 100 million on the players, the Dinamo had one of its worst seasons.

The only Russian club never to be downgraded, the Dinamo finished the season just above the relegation zone.

The players were unpaid for several months and the situation was resolved after Vneshtorgbank opened a credit line of USD 20 million for the club. Now the bank wants to buy out the club's shares.

According to the local press, the bank, which is also sponsoring the Russian champions CSKA Moscow, would buy out 70 percent of the club for approximately USD 30 million.

Vneshtorgbank is Russia's second largest bank and it is planning to sell up to 25 percent of its stock in an initial public offering next May in London and Moscow.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.