The owner of Geneva-based football club Servette says he has begun bankruptcy proceedings. Servette is the second team in the ten-club top division to go bust this year.This content was published on March 1, 2012 - 17:03
Iranian businessman Majid Pishyar said in a statement on Thursday he was broken-hearted over the “complicated” decision.
He directed blame at the city's government and business community whose “support has, unfortunately, been below my expectations”.
Pishyar, who took charge in 2008, said he would “continue to fight for Servette”.
It was unclear whether the club would complete its matches this season. It also fell into bankruptcy in 2005 and was demoted midseason.
In January, Chechen-owned Neuchâtel Xamax was declared bankrupt and dropped out of the league.
Founded in 1890, Servette won 17 Swiss league championships and seven Swiss cups. The club has taken part in the European Champions’ League seven times.