PFC CSKA AD, the entity behind which once stood one of Bulgaria's top football clubs, has been declared bankrupt by the Sofia City Court.
The decision applies as of September 09, the date of the ruling, and can be appealed within six days of its inclusion into the Commercial Register, local sports media report.
A distraint has been imposed on the entity's assets.
The Sofia City Prosecutor's Office has submitted an indictment against Svetla Bachvarova-Piralkova over disadvantageous transactions harming the state in her quality as a former agency official.
In March, Bulgarian Chief Prosecutor Sotir Tsatsarov submitted to Parliament a request that her immunity be revoked, to which the MP agreed.
CSKA, until recently one of Bulgaria's top football teams, will be part of A Regional Football Group, businessman Vasil Bozhkov has said.
At a meeting with the official union of CSKA fans, Bozhkov reiterated that the team will not be part of the A Professional Football Group in the immediate future.
Bulgaria's two most popular football clubs - CSKA and Levski have to repay their debts on Tuesday in order to be granted licences to secure their participation in the European tournaments and the domestic A Group.
The deadline for the two clubs to fulfill their obligations, amounting to BGN 800 000 for CSKA and BGN 805 000 for Levski, expires on Tuesday, daily Dnevnik reports.