Europe news

Spartak chief floating club on stock market

March 11, 2013
By ESPN staff

Spartak Moscow owner Leonid Fedun is set to float the club's shares on the stock market as part of his process of recouping some of the cash he has invested into the side since his arrival.

Spartak Moscow fans
MexsprotSpartak Moscow fans have gone without success since 2003

Fedun, who is rated among Russia's 20 richest men by Forbes magazine with a net worth of $7.1 billion, has invested almost $1 billion since buying Spartak in 2003.

Last month the billionaire sold the naming rights to the club's new $500 million stadium – set to open in early 2014 - to a local bank in a six-year deal worth more than $40 million. His next step is to put Spartak on the stock market.

"My dream is to make the club self-sufficient within four or five years," he said. "The club does not represent a business venture for me right now.

"It's more like a social mission, almost like it is for Bill Gates who spends 90% of his money on social projects."

Spartak, who have not won a trophy since lifting the Russian Cup in 2003, currently sit fourth in the Russian Premier League.