BUCHAREST, Romania (AP) – Three-time Romanian champion Rapid Bucharest has been declared bankrupt by a Romanian court.
The club, which has debts of 4 million euros ($4.48 million), filed for insolvency in 2012. Half of the debts are unpaid taxes.
Rapid won three league titles, and 13 Romanian Cups, the last one in 2007. It reached the UEFA Cup quarterfinals in 2006.
It was founded by railway workers in 1923. Its Giulesti Stadium is close to Bucharests main railway station.
The club has seven days to appeal Tuesdays ruling by the Bucharest Court.
Six other Romania football clubs have filed for insolvency: Universitatea Cluj, Otelul Galati, Dinamo Bucuresti, CFR Cluj, Petrolul Ploiesti and FC Brasov.
Read the full article at: http://www.washingtontimes.com/news/2016/jun/14/romania-rapid-bucharest-club-declared-bankrupt/