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ITI Holding starts due diligence on Legia Warszawa

12th December 2003
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ITI Holding starts due diligence on Legia Warszawa

On Thursday, media holding ITI signed a preliminary contract with Pol-Mot Holding concerning the purchase of Warsaw sports club Legia Warszawa, famous for its football team. The document is valid for the next two months, during which time analysts and lawyers of the Holding will be entitled to conduct due diligence on the club. The result will affect the final decision about whether to purchase an 80% stake in Legia. One thing is sure, that the remaining shares will be kept by CWKS Legia, which in turn is owned by the DefensSe Ministry. "Through the club ITI might acquire a new distribution channel for its advertisements, but the club itself requires annual expenditures of millions of złoty. The main question is whether the Holding can afford it," said Radosław Solan, investment advisor of BDM PKO BP. It is still unknown what price ITI might offer for the club. However, recently the president of Pol-Mot, Andrzej Zarajczyk, assured that at the beginning of 2004 the club would be listed on the WSE. (Puls Biznesu, pp. 1, 12) M.M.

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