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Russian oil company Lukoil acquires Spartak Moscow football club

By August 22, 2022Sports games

Russian oil company Lukoil said on Monday it had bought Russian Premier League club Spartak Moscow, along with the Moscow stadium where it plays its home games.

Spartak is reeling from financial problems following Russia’s military intervention in Ukraine, which prompted a series of Western sanctions against Moscow and further isolated Russian business. Lukoil, who had been Spartak’s general sponsor for more than two decades, said his acquisition of a 100 per cent stake in the club meant longtime owner and chairman Leonid Fedun would step down from all managerial roles.

Fedun resigned as deputy chairman of Lukoil in June. The billionaire bought the club in 2004 when it was in serious financial difficulty. “I would like to express my sincere gratitude to my friends and colleagues at Lukoil for agreeing to support such an important social project as Spartak in this most difficult situation,” Fedun said in a statement posted on the club’s website.

In May, Nike terminated its sponsorship deal with 10-time Russian Premier League champions Spartak as they will not feature in European competitions next season due to Russia’s actions in Ukraine. Spartak Moscow also disbanded their second-tier team, citing financial difficulties and the need to cut their budget.

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