Posted: Tuesday December 4, 2012 1:40 PM

Rapid Bucharest files for insolvency

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BUCHAREST, Romania (AP) -Three-time Romanian champion Rapid Bucharest has filed for insolvency after running up huge debts and faces being relegated from the top division, the club's majority shareholder said Tuesday.

The move came days after UEFA sought sanctions against Rapid for failing to pay debts such as wages and social taxes on time.

`'I am on my knees, I want to save Rapid,'' George Copos, the majority shareholder, said.

Papers were filed in a Bucharest court for an unpaid debt of ?550,000 ($710,000).

The club has not paid its players and officials for months, though Copos said it had paid all of its taxes to the state.

Romanian football regulations do not allow an insolvent club to have a license to play in the top tier.

Copos insisted that he will fight to get the club back for next season. Rapid lies ninth in the 18-team league.

UEFA named Rapid among nine clubs last Friday which have played in the Champions League or Europa League this season and have been summoned to face a finance monitoring panel over unpaid debts.

Rapid was due to get ?200,000 ($262,000) for playing in two Europa League qualifying rounds, but UEFA has withheld the prize money payment.
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