Red Star had a debt of € 15,5 million!

Red Star Belgrade President Nebojsa Covic had another press conference today in which he revealed the financial situation of the Serbian club in the past, present, and future.

It turns out that until last year, the club had an accumulated debt of € 15,5 million ($ 20,5 million).

The good news is that almost all of those debts have now been paid. There is only € 336.322 left to be paid and the club has until 2016 to do that.

In recent years, the bank accounts of the club were blocked and sometimes the power in the gym was cut off because the bills had not been paid. There were talks of selling the club or even to let it fold.

Now, all those worries are gone. There have been no new debts, sponsor money has been coming in and the overall financial situation of the club is now sound and stable. For the first time in years, the club has also put together a very competitive team.

With the signing of Telecom Serbia as the main sponsor the future now looks very bright and the ultimate goal of the club is to one day qualify for the Euroleague.