Rapid Bucharest football club (one of the most loved football clubs in Romania) will not play in the 2016-2017 season of the Liga I due to the postponement by the Court of Appeal in the file for suspending the application of bankruptcy, and is to be replaced by ACS Poli Timişoara.
The Secretary General of the Professional Football League (LPF), Justin Stefan, said on Thursday during a press conference that only ‘a miracle’, i.e. the payment by tonight of all the club’s debts would allow Rapid play in Liga 1.
“It is a decision that we all predicted. The General Assembly has decided what will happen on July 21. So, we expect the end of the day. If a miracle does not take place by tonight, i.e. somebody comes to pay all debts, unfortunately Rapid will not participate in the 2016-2017 season of Liga 1. The Court of Appeal postponed the decision on the application for suspension of the decision of bankruptcy in Rapid’s case. In this situation, the General Assembly decided that the club is to be replaced by ACS Poli Timişoara – the team will start with 14 penalty points. FC Rapid is bankrupt, it was decided to dissolve the company and the administration rights have been suspended. The only documents the liquidator could sign today can only be made for the dissolution of the club. Which means Rapid cannot hire players, coaches or make travel or accommodation expenses. Rapid is thus undergoing the dissolution procedure,” the LPF official said.
The Court of Appeal adjourned for August 24 the request to suspend the enforcement in the bankruptcy file of Rapid Bucharest football club. The General Assembly of the Professional Football League had set July 21 as the deadline for acceptance or rejection of Rapid Bucharest in the next season in Liga 1, depending on the suspension of the bankruptcy procedure.
Rapid’s situation became extremely difficult after the Bucharest Court decided the bankruptcy of SC Rapid SA, the company that manages the football club with the same name, following requests from ANAF. On June 13 the court has cancelled the right of management of FC Rapid SA and ordered the dissolution of the debtor company.
Rapid football club, which promoted at the end of last season in Liga 1, is in insolvency proceedings since December 7, 2012. The total debt of the club owned by businessman Valerii Moraru is of RON 17,754,712, about EUR 4 million.