Chagaev, a businessman from war-torn Chechnya, bought the team in May, promising to turn it into a force in Swiss soccer. But he immediately became an activist owner, alienating players, coaches and fans alike.
Chagev has fired four coaches and a number of players. He fired the entire administrative staff at the club, leaving it unable to print and distribute tickets for the season opener. He also canceled all the club’s sponsorship agreements.
Fans have been boycotting the team in recent months, and the club has run afoul of Swiss soccer regulations. The governing body, SFL, already deducted eight points from the team’s season total because players weren’t being paid on time.
But it was a phony letter from Bank of America that was the final straw. The SFL suspected that a bank document used as a financial guarantee was falsified. It determined this to be the case this week.
“The Swiss Football League has taken away Neuchatel Xamax’s license for participating in championships organised by the SFL,” the SFL said in a statement. “The disciplinary commission has reached the conclusion that the conditions for the license are no longer met due to the non-presentation of financial guarantees.
“The disciplinary commission is also convinced that the banking guarantee from the Bank of America was not provided by the latter.”
The club has five days to appeal the federation’s decision.
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Photo via Flickr/Nick Lüthi
