Spartak 1918 Varna Seeks to Resolve Debts by the End of the Month

Season at a Crossroads – Licensing and Financial Negotiations

By the end of this month, an urgent solution must be found for the financial obligations of Spartak 1918 Varna, said the club’s co-chairman of the Management Board, Alex Iliev, at a press conference. The club’s main goal is to reach agreements with institutions and former players – a key factor in retaining the Bulgarian Football Union license and starting the new season on a stable footing.

Financial Details and Creditor Negotiations

Board member Marten Demirev clarified that:

  • Debts to former players amount to about BGN 942,000; agreements have already been signed with most of them.
  • Liabilities to the National Revenue Agency total about BGN 500,000, with interest charges increasing the sum. These debts are most critical for the licensing process.
  • The club owes BGN 550,000 on an invoice to the company of former president Pavlin Nikolov – “Intercom Group” – as well as a loan of BGN 1.829 million to him. So far, Nikolov has not filed a claim, and the management hopes for an agreement.

Demirev added that Nikolov left the club emotionally in September 2024 but remained legally in charge until the new management board was registered a few days ago.

Seeking Support

The club’s monthly overspending is under BGN 100,000. Alex Iliev announced that a letter had been submitted to the Municipal Council requesting assistance in establishing contacts with the Varna business community, potential sponsors, and donors. Financial aid from the municipality is also expected, though the exact amount requested has not been publicly disclosed.

Conclusion

The future of Spartak 1918 Varna depends on the success of the negotiations and the management’s ability to stabilize the financial situation before the start of the new season. The club is committed to transparency, engagement, and support from the local community and institutions.