Rapid, one of Bucharests top football clubs, has been declared bankrupt through a decision of the Bucharest Court, reports local Prosport. This means that the company that owns the club should be dissolved and its assets sold to repay its debts to creditors.
The football club has RON 18 million (some EUR 4 million) debts, more than half of which represents unpaid taxes.
The courts decision is not final, however, and can be appealed in 10 days. Rapids representatives said the club would attack the sentence and continue its activity. The club has recently promoted to Romanias first league after playing in the second league in the 2015-2016 season. However, if the bankruptcy remains final and the company will be dissolve…
Read the full article at: http://www.romania-insider.com/rapid-bucharest-goes-bankrupt/