Sheffield United ‘feeder club’ facing financial ruin after unpaid wages, owner’s 10-year ban
Sheffield United ‘feeder club’ facing financial ruin after unpaid wages, owner’s 10-year ban
Until earlier this year, even the most well-travelled Sheffield United supporters would not have heard of Botev Plovdiv. But the Bulgarian top-flight side have become essentially United’s feeder club, with two of their three most recent signings being made from Stadion Hristo Botev.
The winter arrival of Nigerian winger Christian Nwachukwu was followed by the signing of Nigerian winger Ehije Ukaki this week, the 20-year-old latter also able to operate at right-back. The pair, along with Jefferson Cáceres, are the first forays into the data-led recruitment strategy of the Blades’ new owners, COH Sports.
Although no official link is understood to exist between United and Plovdiv, United’s owners - as we revealed earlier this week - are again exploring the Parva Liga as a potential source of further players for their AI-led experiment.
And that process may come easier if they do return to Plovdiv, after they were plunged into further financial chaos. Things looked bleak enough when their owner, Russian billionaire Anton Zingarevich, was handed a 10-year ban from residing in Bulgaria around the turn of the year.
The club had already had issues paying salaries while a host of players, alongside manager Dushan Kerkez, departed. Now Plovdiv have admitted that they may have to declare bankruptcy with debts approaching €3million. A portion of that has bene deferred until 2029 but the club is less than a month away from no longer being able to generate enough cash to operate, and the club’s management took the step recently of publishing three options to save it.
Sheffield United’s ‘feeder club’ given three-week timescale for survival amid financial crisis
As reported by Inside World Football, the options are: “Option 1: If a partner appears who is ready to invest €3 million in PFC Botev, Zingarevich will participate in the management of the club as a partner.
“The funds will ensure the functioning of PFC Botev until the end of the 2025/2026 competition year, with the goal of the representative men’s team being to finish in the top half of the table in the upcoming championship.
“In such a situation, the available list of coaches and players to be hired will be discussed with the future potential partner, and Mr. Zingarevich will write off all BGN 11 million (€5.5 million) of debt owed to himself for the 2023 and 2024 calendar years.
“Option 2: If a person wishes to acquire the majority stake in PFC Botev, and wishes and needs to receive assistance for his easier and faster integration into the club, management will provide him with full assistance. In such a situation, the new owner will receive the club for the symbolic amount of BGN 1 (€0,50), and Mr. Zingarevich will write off all BGN 11 million (€5.5 million) of debt to himself for the 2023 and 2024 calendar years.
“The deadline for the activation of either Option 1 or Option 2 is until the club can no longer generate enough operational cashflow – about 2-3 weeks. If Option 1 and Option 2 do not happen within this period, this will lead to Option 3.
“Option 3: The majority owner returns his shares to the PFC Botev Association within the framework of the contract signed between them. If the minority owner finds a buyer for the club, Mr. Zingarevich will write off all 11 million leva of debt owed to himself for the 2023 and 2024 calendar years. If the PFC Botev Association fails to find a new owner, the debts to Mr. Zingarevich will remain so that he can participate in bankruptcy proceedings.”