18:02 GMT +3 hours24 November 2014
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Debt-Ridden Russian FA Awaits State Audit Verdict

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(updated 18:28 28.10.2014)
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The Russian FA will receive the results of a government investigation into mysterious debts by the end of the month, FA president Nikolai Tolstykh said Friday.

The Russian FA will receive the results of a government investigation into mysterious debts by the end of the month, FA president Nikolai Tolstykh said Friday.

Debts of 800 million rubles ($25.8 million) were revealed when former FA president Sergei Fursenko quit his post in June, in the aftermath of Russia’s group stage exit at Euro 2012.

The state Audit Chamber launched its investigation in July, with its chairman Sergei Stepashin saying his organization would look into “where the 800 million rubles are that were taken out on credit, including for paying coaches and players.”

Tolstykh said he expected to know the results soon, but did not specify whether they would be made public.

“The Audit Chamber is working. The results will be at the end of the current month, which will help us to determine the organization’s real status in the current year,” he said.

The FA was now working to pay down the debt, he said.

“We intend to fulfill our obligations and constructive, smooth, stable work is continuing to that end.”

The FA will also hire private auditors, Tolstykh said.

The investigation was launched following a parliamentary question to the Audit Chamber about the FA’s finances from Igor Lebedev, a politician who lost out to Tolstykh in the presidency vote.