Vladimir Romanov saves Zalgiris

Vladimir RomanovWhen the financial situation at Zalgiris seemed hopeless the club found a new investor is expected to out the team back on its feet. Famous Lithuanian bussinessman Vladimir Romanov decided to help the legendary team. Romanov is the president of Ukio Bankas Investment Group (UBIG) which became the new investor of Zalgiris.

The new board of the club will consist of nine members. Five of them will represent UBIG since 75% of Zalgiris shares belongs to them. Among others is current Zalgiris president Arvydas Sabonis and club's GM Paulius Motiejunas.

Zalgiris had two weeks to convince Euroleague that they can keep A License and that the financial troubles will be solved. So these news mean that Lithuanian champions should not lose a spot in Euroleague for the next three years.

Until now UBIG invested in football mainly. They are the main share holders of Scottish football club Hearts and Lithuanian club FBK Kaunas.