BC Wolves basketball club faces bankruptcy

The Lithuanian basketball club "BC Wolves" is facing bankruptcy, with the Vilnius Regional Court officially initiating proceedings. The club's director, Andrius Žiauberis, filed for bankruptcy, citing a deficit in revenue that failed to cover expenses and financial commitments.

According to court documents, the club has accumulated debts totaling approximately 1.34 million euros, owed to 54 creditors. This includes 56,900 euros in wage arrears. The club also owes around 8,000 euros to the state social insurance fund "Sodra."

"BC Wolves" has minimal valuable assets, estimated at around 215,000 euros, most of which are short-term. This means the club's liabilities significantly exceed its assets by roughly one million euros.

While 21 entities owe the club 62,600 euros, these funds are managed by third parties and their repayment depends on various conditions. The court concluded that the club can no longer meet its financial obligations, and its difficulties are long-term and irreversible.

Previously, in May, reports indicated that some players were beginning to recover debts promised by businessman G. Žiemelis. "Delfi" has reached out to "BC Wolves" representatives and the bankruptcy administrator for comment.