SOFIA, June 30 (Reuters) - Bulgaria's most successful club CSKA Sofia will relaunch from the third division following their financial crisis, the domestic football union (BFU) said.
The decision marks a spectacular fall from grace for CSKA, who have won 31 league titles and reached three European semi-finals in happier times between 1967 and 1989.
Last month, cash-strapped CSKA and three other teams were denied licences to compete in next season's Bulgarian professional championship and European competitions.
There were speculations Bulgarian soccer could be restructured and the domestic second division will accommodate CSKA but local authorities said the licensing procedure is complete and changes in professional divisions cannot be made.