European Cup Winners owe $30m

Red Star board quits as clubs nears collapse

April 28, 2009
Red Star Belgrade's executive board has stepped down amid a growing financial crisis at the fallen Serbian giants.

The board resigned under pressure from angry fans on Monday after club president Dobrivoje Tanasijevic quit last week when the 1991 European Cup winners revealed they owed around 23 million euros ($30 million) to creditors.

Many players have not been paid for months, while the club also had its water supply and telephone lines cut for several days in March due to ...

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