VTB for debts will receive “Dynamo” share of the club in the project “VTB arena Park” – SPORT – EXPRESS

Dynamo agreed to sell to Bank VTB owned by the club according to the investment agreement share in the development project “VTB arena Park”, report “Vedomosti” with reference to the Chairman of VFSO “Dynamo” Vladimir Strzhalkovsky. The society owns a 25 percent stake in the football club.

the Project “VTB arena Park” provides for the construction of about 500,000 sq m of real estate, including a new stadium on the 26 319 seats, leisure and entertainment complex and underground Parking, and a complex of buildings, which will house offices, apartments and a hotel. The cost of the project, VTB was estimated at $ 1.5 billion.

– Part of this (received for shares) amount is intended to repay current debt obligations, of course, the most significant amount is the salary of the players, - lead “Vedomosti” the words Strzhalkovsky. – Part is intended to address the issue to reduce the debt burden.

Strzhalkovskiy expects that the proceeds will suffice to pay off the debt to VTB. The amount of the transaction and the size of the debt he did not disclose.

in addition, VTB has proposed to the Central Council of the OLYMPIAD “Dynamo” to buy him a 74 per cent stake in the club for a symbolic ruble. According to the representative of VTB, the deal now being prepared: the Bank receives necessary permits from relevant regulatory authorities and expects to complete the deal before the end of the year. However, according to Strzhalkovsky, the Central Council of “Dynamo” not ready to become the sole owner of the football club. Strzhalkovsky added, all decisions about the future of the football club, including its further funding will be made in close cooperation with the main shareholder – VTB.

– the Question, by what means this purchase can be paid, it is not necessary, – quote “Vedomosti” Strzhalkovsky. – Another thing that you need to clearly understand the consequences of such a step. No football team exists today without sponsors. So hypothetically, if I decided to take this step, the management and the owner of the team must clearly understand what are the sources and amounts of financing of the football club.

Recall that by the end of 2015 “Dinamo” it should VTB and its structures more than 5 billion rubles. In may 2016, “Dinamo” for the first time in history was relegated from the elite division of the championship of Russia. Sponsorship of VTB in 2016 was cut by half to 2.25 billion rubles, after which the club was on the verge of bankruptcy.