The deal, unofficially reported to be worth up to €50 million, will help reduce Legia’s debts, the club said. An American financier of Polish descent has bought a 40% stake in one of Poland’s biggest football clubs, Legia Warsaw. Michael Gorzynski is the executive chairman of Continental General, a Texas-based insurance giant. The investment in Legia, which includes the purchase of existing shares from majority owner Dariusz Mioduski as well as newly issued shares, comes almost 10 years after Mioduski bought out the club’s other shareholders. In addition to becoming a co-owner of the club, Gorzynski will also become chairman of its supervisory board with Mioduski remaining at the management board’s helm. Legia did not disclose the value of the deal, but unofficial information put the transaction at up to €50 million, fan site Legioniści reported. Club debts The cash injection and associated shareholder loan will “reduce Legia’s debts and significantly improve its financial stability,” the club said on its website. Legia’s debts currently stand at over 200 million złoty (€46 million), according to Legioniści. “I see huge potential in Polish football and nowhere is that as clearly visible as at Legia Warsaw,” Gorzynski was quoted on the club’s website as saying. “As a native Pole, I am extremely proud and pleased to be able to help co-create the next chapter in Legia Warsaw's history.” A 47-year-old graduate of the University of California, Berkeley, with an MBA from Harvard Business School, Gorzynski made his fortune as an investor in the United States. His net worth has been estimated at between around $100 million and $240 million, much of it held in shares, according to Legioniści.
