Hungarian Ferencvaros teeters on financial shutdown

Hungarian Ferencvaros may be forced to shut down within the month due to extreme debt.

One of the most successful clubs in the nation, Ferencvaros has been in the first division since 1901, and won 28 titles and 20 domestic cups, but was relegated to the second division at the start of the season because of the financial woes.

Chairman Zsolt Damosy said a debt of EUR 2.85 million has caused trouble, and a former player has started liquidation proceedings against the club.

"Every investor we've approached has turned us down," Damosy told daily newspaper Magyar Hirlap. "If we don't find an appropriate investor in three to four weeks, Ferencvaros could disappear from Hungarian football."

Damosy told another newspaper, Nemzeti Sports, that the club has not been able to pay player salaries and is "so close to catastrophe."

There have been frequent rumours of buyers for the club, most recently Slovak businessman Ivan Kmotrik, who owns Artmedia Bratislava. However, none has come to fruition.

Damosy said that, to survive, the club would need approximately two-thirds of the debt covered immediately.

Most Hungarian clubs face similar financial hardship and football in the country is in turmoil. The national team has failed to qualify for any major championship since 1986 and last month lost to Malta, a country which had not won a major match in more than two decades.

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