Ukraine: Arsenal Kiev placed in liquidation, club withdrawn from championship

Arsenal Kiev, currently 14^th in Super Liga (Ukrainian 1^st Division), have applied for bankruptcy due to lack of sufficient funding for the 2013-14 season, announced Victor Golovko, director general of the club, on the 29/10/2013.

In a statement on the 29/10/2013, Golovko said, "I want to say that unfortunately, today no sponsors or patrons who value football have been found. Despite all of the appeals, FC Arsenal has not seen aid and support from anyone in a difficult period of time. It is with a heavy heart that I am forced to declare that Arsenal Kiev football club have begun bankruptcy proceedings and the team is to withdraw from competition".

The club was bought by Oleksandr Onyshchenko for €15 million, on the 21/05/2013. The businessman paid the debts of the club and player's salaries while Arsenal Kiev was threatened with demotion for financial mismanagement by the FFU (Ukrainian Federation of Football). Onyshchenko stopped funding the club on the 05/09/2013.

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