Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

State Bank Set to Complete Dynamo Moscow Takeover

Audit Chamber chief Sergei Stepashin said in St. Petersburg last Friday that state-owned Vneshtorgbank would soon complete the purchase of Russian Premier League club Dynamo Moscow, Kommersant reported.

"We are talking about a controlling stake, and negotiations are close to completion," said Stepashin, who is also head of Dynamo's board of trustees.

Kommersant did not report the value of the deal.

But Vasily Titov, a senior vice president of Vneshtorgbank, called Stepashin's announcement "total nonsense."

"We are not interested, and never have been interested, in acquiring Dynamo," Titov told Kommersant.

"There have never been any negotiations," he said. "It's strange that such a high-placed official would announce a non-existent deal."

Other companies, including Vneshekonombank and Nafta-Moskva, were previously reported to be interested in buying a controlling stake in the club.

Businessman Alexei Fedorychev currently owns 71 percent of the club and has spent over $150 million on players in the past two years in an effort to challenge the superiority of CSKA, the club with which it shares a stadium and a historic rivalry.

CSKA won the league this season and has enjoyed an impressive run in Europe, while Dynamo finished third from bottom of the Premier League, escaping relegation by one place.