FC Dinamo Bucharest files for insolvency

Published on NewsOK Modified: May 14, 2014 at 9:07 am •  Published: May 14, 2014
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BUCHAREST, Romania (AP) — FC Dinamo Bucharest has filed for insolvency, the fifth Romanian team in the top flight to do so in the past two years.

Dinamo, currently fourth in the league, submitted its application Wednesday with the Bucharest court, which is expected to name an administrator to handle the club's finances.

The club was hit financially after former executive chairman Cristi Borcea was sentenced in March to six years in prison for tax evasion in the transfer of players and Dinamo sponsor Gigi Netoiu was also sentenced to three years in the same case.

Founded in 1948, Dinamo has won the league 18 times and won the Romanian Cup on 13 occasions.

Romanian Liga I clubs FC Rapid, Gloria Bistrita, Universtitatea Cluj and Otelul Galati have also filed for insolvency.