VEB.RF Bails out CSKA Moscow

Russian state bank Vnesheconombank (VEB) last week announced the acquisition of 77.63% of the shares of the professional football club CSKA Moscow. According to a VEB statement, the operation was carried out by exchanging the debt that the club had with the bank for the share package, Sports Finding reported.

The new board of directors of the club was made up of, in addition to representatives of the VEB and the CSKA, Maxim Oreshkin, adviser to the Russian president, Vladimir Putin, and the CEO of the IT group, Borís Dobrodeev.

“I stress: there will be no changes in CSKA’s sports management as a result of this operation,” VEB’s President Igor Shuvalov was quoted as saying in the statement. He added that CSKA President Yevgueni Guiner will continue to head the club and continue its squad design policy.

Former Soviet Army football club, after the 1991 dissolution of the Soviet Union the CSKA became a shareholders’ association in which the Russian Ministry of Defense participated until 2012, the year in which it sold all of its shares ( 24.94%)

CSKA Moscow has seven leagues and four cups from the USSR, six league titles and seven cups from Russia, and one UEFA Cup (2005).

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