First Division club Zhemchuzhina Sochi goes bankrupt, withdraws from tournament

Today, at the meeting with the players, president of the Russian First Division club Zhemchuzhina Sochi, Dmitry Yakushev has announced the official decision to withdraw the team from the tournament. The relevant documents will be submitted to the leagues supreme body one of these days, the club’s official website reported.

Zhemchuzhina’s youth team and football school will continue their existence and their funding will be performed in full amount.

The Sochi-based club has been facing financial problems for several months already and the rumors suggesting their withdrawal from the league have reached their height last week. Before that Zhemchuzhina were known as one of the richest clubs in First Division (second tier of Russia’s football system), who were expected to fight for the promotion this season. Dmitry Yakushev’s wealth was widely attributed to the vastly-funded developments in Sochi ahead of the 2014 Olympic Games.