Budapest, May 8 (MTI) – The soccer team of Gyori ETO has announced that it would be unable to compete in Hungary’s first-division soccer championship in the 2015-16 season.
The club said on its website eto.hu on Friday that it failed to fulfil the financial conditions required for getting a licence.
The club got in trouble after a company of its owner, the brokerage Quaestor, declared bankruptcy in early March. Shortly afterwards, Audi Hungaria, the team’s main sponsor, cancelled its cooperation agreement with immediate effect. The ETO Park stadium, home to the club, was seized as part of an investigation into Quaestor on suspicion of fraud. Quaestor used a 17 billion forint (EUR 56m) loan from the Hungarian Development Bank to build the stadium nearly a decade ago.
Gyor has been member of the elite league since 1960, for a longer period than any other non-Budapest team.
The team won four championship titles, the last one two years ago, and qualified for the Champion Teams’ European Cup once.
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