BST in major management shakeup as Bulgarian Minister laments low revenues

BST undergoes major management reshuffle amid poor revenues
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BST – Bulgaria’s Sports Totalisator – has completely revamped its management personnel in a bid to boost its disappointing revenues.

As a result, the previous Executive Director has been replaced by Angel Ivanov, who has extensive experience in financial analysis, building effective management structures, cost control and risk management.

Multiple members of the BST Management Board have also departed to make way for the additions of Tanya Andreeva, Galina Cherneva, Geya Kolekchova and Radoslav Shcherbakov.

Minister of Youth and Sports, Vesela Lecheva, commented: “Bulgarian Sports Totalisator is a main pillar of sports financing. It must be managed professionally, and in the conditions of a monopolistic environment that the legislator has created, a significant increase in revenues is expected, as well as optimisation, expediency and full transparency of expenses.

“In governance, as in sport, I have high expectations and I think the revenue for federations and clubs should be much higher than it has been so far.

“The new members have extensive administrative and professional experience and are people I trust because our ideas about the role and development of BST coincide.

“I believe that with their results they will justify it.”

The management of National Sports Base EAD has also been replaced due to a ‘desire for peace of mind and predictability in the use of the company’s sports base by sports organisations’.

“We need people with a vision for the difficult times ahead related to the cost of energy sources and inflation,” a Bulgarian Government release stated.

Consequently, Svetoslav Rusinov has been elected as the Executive Director, while Danail Dimov, Viktor Popov, Yordan Yovchev and Martin Arsov have all been appointed as Members of the Board.

“With some actions from concluding controversial contracts, insufficiently substantiated actions, as well as continued inaction in others, the leadership of the NSB has exhausted my initial credit of trust,” said Lecheva.

The decision on changes in the governing bodies has been submitted to the Registration Agency.

Last month, meanwhile, it was revealed that the National Assembly of Bulgaria is to review a bill that will enable the expansion of BST’s retail presence.