Pol-Mot Holding to sell 80% stake in Legia Warszawa soccer club to PZU?

Pol-Mot Holding, a majority shareholder of one of Poland's top soccer teams, Legia Warszawa, is holding negotiations with insurer PZU concerning the sale of its stake. Edward Trylnik, the head of the Legia sports club company, announced that an informatory memorandum was sent to PZU a couple of weeks ago. Pol-Mot, which owns 80% of the club's shares, can no longer afford to sponsor the team. One of the drawbacks of the deal for a potential investor is the initial price, which was set by the current owner at $8 million plus debt repayment. One of the most significant creditors is Kredyt Bank, whose loan is being paid back in lieu by placing the bank's logo on players' strips until the end of the current season in June 2003. The primary problem that the club faces are its debts, which reached zl. 9.7 million at the end of last year, while assets were recorded at zl. 11.8 million. Another problem mentioned by Trylnik were the the players' bonuses which remain unpaid and amount to zl. 3.5 million. According to unofficial information reported by Rzeczpospolita, Edward Trylnik has already come to an agreement with PZU on becoming Legia Warszawa's new owner. (Rzeczpospolita, pp. A1; B1) A.K.