CSKA owner reportedly considering reducing financing of the club

2020-06-16T15:24:48+00:00 2020-06-16T15:24:48+00:00.

Giannis Askounis

16/Jun/20 15:24

Eurohoops.net

CSKA Moscow is likely to take a hit from a recent environmental catastrophe and the coronavirus pandemic.

By Eurohoops Team/ info@eurohoops.net

The ensuing impact of the coronavirus pandemic combined with the ongoing industrial disaster near Norilsk, Krasnoyarsk Krai, Russia might directly affect the CSKA Moscow budget, Russian news agency TASS reports. Nornickel, until 2016 Norilsk Nickel, owner of the Russian powerhouse, may reduce funding of club due to the listed situations.

CSKA tops VTB United League in terms of the budget which the competition requires all participating clubs to present prior to the start of each season. VTB honorary president, Sergey Ivanov, talked to TASS about the potential financial damage against CSKA.

“The environmental disaster may lead Nornickel to reduce financing of CSKA. The company also suffered financial losses from the pandemic,” he noted, “I don’t exclude neither suggest that Nornickel will reduce funding. Other teams may go through budget cuts as well.”

Nornickel, as the owner, paid one billion rubles out of the 2.862 of the 2019-20 budget. Another 1.565 billion were generated from additional sponsors, including many more companies that are expected to struggle to follow through on existing agreements.