Russia Hit Hard with Financial Crisis

kobimel · Nov 20, 2008

Ilya Kalyagin informed us about some major development in Russia. According to him the global financial crisis has a direct effect on the Russian basketball now. If you really think it about it - it just makes sense and critics of the high paying Russian investors are finally proven right.

Ilya explains us why Russia is having problems:

Much depends on the Dollar value. If the oil price keeps dropping - the Ruble (Russian currency) will fall. It is expected that the Ruble will fall. From here - everything will get worse. The Russian basketball contracts are in dollars, and the sponsoring of the clubs and salaries is in rubles. - meaning the clubs will have to pay more money to their players.

If you take a look at the sponsors and their stocks it is obvious what club will or already have problems.

CSKA Moscow, Dinamo, Khimki, Triumph and CSK VVS don’t pay their salaries right now. CSKA and Dynamo just go long delays. In Khimki’s and Triumph it is much worse. The women’s team of CSKA is on the edge of bankruptcy. Its main sponsor sold his business and the new owner does not want to have any relationship with the club.
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http://www.ballineurope.com/womens-basketball/crisis-reaches-russia-delfino-refuses-to-play/

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Russia Hit Hard with Financial Crisis

kobimel Hapoel

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Russia Hit Hard with Financial Crisis

kobimel Hapoel

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