Bulgarian billionaire Atanas Bostandzhiev is reportedly set to become the new owner of Levski Sofia football club — though neither the club nor the investor has confirmed anything.
Bostandzhiev, who co-founded the London-based investment fund Gemcorp, is expected to acquire the majority shareholding from current owner Nasko Sirakov, according to Maritsa. Reports suggest the club has received a bank guarantee of approximately €41 million, with plans to invest a further €120 million in a new stadium.
Levski Sofia had not issued an official statement at the time of publication. Sources quoted by 24 Hours suggest Sirakov is preparing to announce financial news around the club's 112th anniversary — though the timing, content, and whether it relates to Bostandzhiev all remain unconfirmed.
Levski's turbulent ownership history
Levski Sofia has changed hands several times in recent years, with each transition bringing mixed results. The club has lurched between financial crises and brief periods of relative stability, never quite achieving the sustained success its passionate fanbase craves.
Nasko Sirakov, a former Levski striker, took control in 2020 amid serious financial turmoil. If the reported takeover proceeds, it would represent one of the largest private investments in Bulgarian football in recent memory — though fans have heard grand promises before. Past ownership patterns don't predetermine outcomes, but they do underline the risks involved.
For a club that has spent years cycling through owners and financial difficulties, even credible rumours of serious investment represent a welcome change. Whether this materialises into something more substantial remains to be seen.
Who is Atanas Bostandzhiev?
Bostandzhiev co-founded Gemcorp in 2014 alongside Parvoleta Shtereva. The fund focuses on investments in emerging markets and operates from London.
Most notably, Gemcorp invested $2 billion to construct a refinery in Cabinda, Angola. The refinery is scheduled to open on 1 September 2025, with Bostandzhiev and Angolan President João Lourenço expected to attend. Gemcorp holds a 90% stake in the facility, with the Angolan state retaining 10%.
Bostandzhiev was previously CEO of VTB Capital and head of its London office. During that period, VTB Capital acquired a majority stake in Bulgartabac, which then provided €4.5 million in sponsorship to Levski Sofia — an early connection between the investor and the club.
A lifelong Levski fan
Bostandzhiev admitted to being a lifelong Levski supporter in a 2012 interview with 24 Hours.
"I am a fan, but unfortunately, I don't have much time to enjoy the game. But I would love to come to watch Levski matches," he said.
When asked whether wearing a Levski scarf might compromise his neutrality in future business dealings with rival Bulgarian clubs, his answer was unequivocal: "It will not be a risk. I have been a fan of Levski since childhood."
Why it matters for British readers
Bostandzhiev's Gemcorp operates out of London, placing him squarely within the UK financial ecosystem. The involvement of a London-based investor in a major Bulgarian football club highlights how UK capital and expertise remain intertwined with football investments across the continent.
For British expats in Bulgaria who follow local football, a well-funded Levski could mean a more competitive club scene and potentially more attractive matchday experiences in Sofia. The club has a passionate fanbase, and any stabilisation of its finances would be felt throughout the capital's football culture.
For British football fans tracking Bulgarian football or player transfers, the financial health of clubs like Levski directly affects the market. A credibly backed Levski could become a stronger destination for players or a more competitive opponent in European competitions — which matters when British clubs face Bulgarian sides or scout the region.
What happens next
No official announcement has been made by Levski Sofia or Atanas Bostandzhiev. The timing of any announcement remains unclear, though sources suggest it could coincide with the club's anniversary celebrations.
The reported bank guarantee and stadium investment plans remain unconfirmed. Until formal confirmation arrives, the takeover remains speculative — but for a club that has spent years in financial disarray, even the prospect of serious investment is a novelty worth noting.