Lukoil buying 100% of FC Spartak and Otkritie Bank Arena stadium, Fedun to withdraw from managing club
MOSCOW. Aug 22 (Interfax) - Lukoil has acquired 100% of shares of JSC Football Club Spartak-Moscow as well as the Otkritie Bank Arena stadium, the oil company said in its Telegram channel.
Furthermore, Leonid Fedun, who has ceased being a shareholder of the club, is also resigning as president, member and chairman of the board of directors of JSC Football Club Spartak-Moscow and will not take part in managing the club, the company adds.
"The company has been the club's general sponsor for over 20 year, and has been collaborating with the club on joint projects related to promoting the Lukoil brand. Going forward, Lukoil plans to implement a number of strategic initiatives aimed at improving the club's management system in order to create a more transparent and collegial decision-making process involving professionals with successful experience in the sports industry," Lukoil said.
Lukoil will continue actively developing the club's infrastructure, and conditions will be created particularly for transferring the Cherenkov Academy for youth football in Tushino, Moscow. The company will also act as an investor in constructing a multi-purpose sport hall and a hotel for athletes and fans in Tushino, Lukoil said.
"The company expects that the initiatives, together with the ongoing sponsorship of Lukoil and the club's other partners, will further strengthen the position of Spartak and lead it to new victories," according to the statement.
"Lukoil wholeheartedly appreciates Leonid Fedun's contribution to developing the club, its infrastructure and sporting achievements. The company will strive to increase them by preserving the traditions that have been formed over the century on the part of Spartak's outstanding founders, coaches, athletes and the millions of supporters," Lukoil said.
Former Lukoil president Vagit Alekperov and Fedun owned FC Spartak, as of 2021, through a chain of entities, including a closed mutual fund.
Fedun took over as vice president of Lukoil in 1994. Until recently, he was responsible for the company's issues related to the climate agenda. According to the Eurobond prospectus, as of September 30, 2021, Fedun directly or indirectly owned or was the beneficiary of 9.32% of the share capital in Lukoil, including through family trusts and mutual funds. Fedun joined the company's new board of directors elected at the annual general meeting on June 21. He acquired a controlling stake in FC Spartak in 2004.
Lukoil announced at the end of June 2022 that Fedun was resigning as vice president in order to retire and to handle family matters. Lukoil founder Alekperov on April 21 announced his decision to resign as a member of the board of directors, as well as resign as company president ahead of time, so that the sanctions imposed against him by Australia and the UK would not interfere with Lukoil's development.