Bulgarian weightlifting is facing a serious financial and organizational crisis. The Bulgarian Weightlifting Federation has filed for bankruptcy, reports bTV. The development comes just 25 days before the start of the World Championships for men and women in China.
The documents were submitted by the president of the federation, Stefan Botev, who at the end of last summer also launched a new structure in weightlifting. According to the information contained in the application, the headquarters is in permanent financial difficulty and is unable to service its accumulated debts.
The seriousness of the situation is also evident from the size of the debts. The federation has outstanding debts to the National Revenue Agency worth over 95,000 euros. Added to this are more than 85,000 euros owed to the “Sportpalas“ sports facility in Varna. Separately, the National Sports Facility expects nearly 63,000 euros for camps held between 2022 and 2024.
Against this backdrop, there is also the danger that the Bulgarian federation will be left without state funding for a period of one year. Such a scenario would put the preparation of national competitors and their participation in international competitions under even more serious question.
The problems are already directly affecting the weightlifters themselves. According to the information, the competitors from the national team have not received remuneration for about a year. An additional complication is the lack of secured funding for Bulgaria's preparation and participation in the upcoming world championship in China.
Among the few exceptions is the star of Bulgarian weightlifting Carlos Nassar. His club managed to submit the necessary documents earlier, which allows him to continue his preparations for the world championship.
Stefan Botev took over the leadership of the federation on November 8, 2024. Subsequently, some of the obligations to creditors were repaid, but the financial problems of the headquarters were not finally resolved.
Meanwhile, tensions in the management of the Bulgarian weightlifting increased. Clubs from the country organized a petition demanding the holding of an election meeting. In December, Assen Zlatev won the elections for president of the federation, but his final registration did not occur.
The reason is a complaint filed by coach Plamen Bratoychev, which blocked the procedure for registering the new leadership.
Thus, Bulgarian weightlifting finds itself in an extremely complicated situation just a few weeks before one of the most important competitions on the international calendar. In addition to serious financial obligations, the issue of the federation's governance remains unresolved, and the lack of funds threatens the normal training of the national team.