The VTB Group, one of Russia’s top banking companies, has boosted its position in football and football-related investment sector through its April acquisition of control over Dynamo Moscow Football Club (FC) and its stadium, more popularly known as the Peterovsky Park, currently being developed by Dynamo assets management firm.
According to the memorandum signed by the VTB Group and Dynamo Society, the owner of the above companies, VTB will henceforth control a 75%-minus-one-share stake in the assets management firm and 74% stake in the FC. The transactions will be finalized via conversion of the companies’ debts into shares and the process is expected to be completed by yearend.
“The cost of renovating the stadium and its outlying territories is estimated at R45bln, and the entire project is expected to last 5-7 years,” VTB President Andrei Kostin said last month. “Besides, an agreement was also reached that the Grand Sports Arena will be renamed in honor of Lev Yashin, the Soviet goal keeping legend.” The reconstruction works are expected to start later this year and be delivered by 2012. The VTB Group is an active sponsor of major sport clubs and sporting events in Russia.
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