Russia: Oil company Lukoil buys Spartak Moscow

MOSCOW, Aug 22 (Reuters) – Russian oil company Lukoil announced on Monday the acquisition of Russian Premier League club Spartak Moscow and the stadium where it plays its home games.

Spartak Moscow is in financial trouble following Russia’s military intervention in Ukraine, which triggered a series of Western sanctions against Moscow and further isolated Russian business circles.

Lukoil, who has been Spartak Moscow’s main sponsor for more than twenty years, added that with the acquisition of a 100% stake in the club, owner and chairman Leonid Fedun would relinquish all his management roles within the club. by Lukoil.

In May, Nike terminated its sponsorship contract with Spartak Moscow, because the club will not participate in European competitions next season.

Spartak Moscow also announced in May the dissolution of its second division team, citing financial difficulties and the need to reduce its budget. (Reporting Reuters; French version Alizée Degorce, editing by Kate Entringer)