Tuesday, June 9, 2009

ASK Riga has gone bankrupt

According to latvian media, ASK Riga has declared bankruptcy. This comes to confirm a previous report of the club having financial trouble, as its main sponsors pulled out. The first insolvency hearing on May 25th didn't go very well. The representatives of the team told the Riga Central District Court that the State Revenue Service is conducting a search through their accounts. Being unable to provide all the documents to the court they managed to postpone it until June 8th.

That was yesterday and the Riga Central District Court ruled that the club was heading to insolvency. There is a big debt amassing in the order of 2.7 million dollars and the Court enforced the bankruptcy process, giving a deadline for the insolvency proceedings to be the 24th of April. Noone knows what happens to the team at this point and is very likely that all the players of the team will be released.

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