VTB may repurchase FC Dynamo Moscow for symbolic amount
VTB Bank [MCX: VTBR], the Russian state-controlled lender, may repurchase FC Dynamo Moscow football club for a symbolic amount, Russian newswire Interfax reported on 22 January quoting VTB CEO Andrey Kostin.
VTB - the general sponsor of FC Dynamo, is thinking about taking responsibility for the development of the club, Kostin was quoted as saying. VTB is in contact with the management of Dynamo on the subject, Kostin told Interfax.
VTB was the main shareholder in the football club, but in late 2016, it sold its 74% stake to All Russian Fitness-Sports Society Dynamo(VFSO Dynamo) for a symbolic RUB 1 (one ruble), while remaining as the club sponsor, the report noted.
FC Dynamo’s debt owed to VTB was previously reported to be in excess of RUB 5bn (USD 75.3m), and the total debts of the football club were estimated at around RUB 11bn (USD 165.6m).