Spartak Moscow future in jeopardy

Spartak has problems with funding, the existence of the club with the greatest tradition and millions of fans is in jeopardy. Club management has consulted and negotiations aimed at improving the situation. In this difficult time for all of us - players, coaches, club administration - we particularly need your support! We Invite you to come today to the game against Ak Bars and show your love for the red and white. Team and its loyal fans are united not only in happy moments, but in tough times!Together we are strong!

With these words published on its official site, Spartak Moscow publicly revealed the uncertain situation of the club. The crisis broke out after the Central Bank of Russia (CBR) revoked the license of "Investbank", the general sponsor of the hockey club since 2009. 

"The Bank of Russia informs on the decision today December 13, 2013 to revoke the license for banking operations at the credit organization "Investment Bank" (Open Joint Stock Company)," the Central Bank said in an official statement issued this morning. "The decision to revoke the license is due to non-compliance of banking regulations, as well as substantial misreporting of data. According to the regulator, in the last two working days of the bank had visible difficulties in the performance of full commitment to its clients and investors."

"The main reason for this is the poor quality of the assets, which did not form sufficient cash flow," says a source from CBR to Inter-Tass agency.

Banker Sergei Mendeleev, a member of the Spartak Board of Directors, was among the first to release a comment from inside the club. 

"Naturally the Board will hold a meeting, which will discuss and consider possible options to resolve the situation. When should happen? I cannot say. It became known a few hours ago the fact that the owner and sponsor of the club is unable to perform its obligations" said Mendeleev. "Other sources of funding, as far as I know, are virtually non-existent, but I believe that Spartak will continue to exist. I know for example that Amur Khabarovsk not paid salaries since September, but the team is still playing in the league "

But also in Spartak the situation of salaries is worrying: coach Fodor Kanareykin admitted that the salaries of players and coaches aren't paid for more than two months. 

"It is an unpleasant fact, but the situation does not depend from us, coaches and players. We are getting ready for the match against Ak Bars in normal mode, will be a meeting before the game and I will speak with the team," said the coach. "I think that in the near future the President and club leaders will explain our position and further action. Today is the last game before the break, I hope during the pause our fate will be determined."

Also the Commercial Director of Spartak  Demian Sidorenko admits the situation at the club is difficult, but that the club intends to honor its commitments. 

"Of course, the mood is not the best. We are going to fight to the end and we are confident that with honor we can come out of the situation," Sidorenko told Soviet sport. "It's a normal crisis, I am sure that this situation only unite us. I have already had dozens of SMSes. People are being asked to work at games as volunteers. I contacted the girls from our group support, explained the situation, and said that today they cannot work. They were very upset, but then called back and said, 'We shall work for free, you cannot quit.'" 

Meanwhile the Kontinental Hockey League is waiting for official information from the club and is ready to consider the option of providing financial assistance to the club if it would appeal to the league. KHL Vice President Vladimir Shalaev, adding that club still not address any statement to the League. 

"The hockey club Spartak Mscow has to officially clarify to KHL what is happening or contact the league for help. Certainly, we do collect information about the situation at the club, but KHL has yet been received no official announcement from Spartak."

So, finally, what will be the future of the club? It's basically a question of economics. It depends on how the bank allocates the budget, and some information still is not clear: if the bank's license was revoked, we assume the bank is already closed.Therefore, in order for the situation to not affect Spartak, the budget had to be sent in advance to the club, and the funds should not be in the investment bank, because in case of revocation, the bank cannot carry standard banking transactions. This issue will be dealt with in the interim administration, namely the Central Bank. They will decide what to do.

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