the year to December 2018.”
Despite being unable to find yearly
bank statements and reports, the club’s
accounts were still signed off.
TSI’s website claims partners such as
Coventry City, who confirmed no such
partnership exists, and even Portsmouth- which seems highly unlikely given
Dubov’s previous involvement with the
League One club.
In 2010 the Convers Sports Initiatives
(CSI) group bought into Portsmouth
and Dubov was the second biggest
shareholder with a 15 per cent stake.
Plenty of promises were made, but after
CSI’s main shareholder Vladimir Antonov
was arrested for asset-stripping at
Bankas Snoras, a Lithuanian bank of
which he was chairperson and majority
owner, the plans unravelled.
Antonov fled, abandoning Dubov, and
in early 2012 Portsmouth collapsed into
administration for a second time in three
years. In March 2019, Antonov was jailed
for two-and-a-half years in Russia for
bank fraud.
Apart from a drink driving charge in
Kent last year, Dubov has steered clear of
trouble as he tries to revive his reputation
as a self-styled soccer investor.
Less is known about his partner
Lomakin, who has been linked in the
Russian media with Andrey Kostin, the
CYPRUSpresident of Russian bank VTB and
a key ally of Vladimir Putin.
Lomakin and Dubov rarely grant
interviews, which makes getting
explanations for the finances and
alleged partnerships difficult. But what
is known is that they have already won
two titles and millions of Euros in UEFA
prize money – in Latvia.
Riga FC were also formed in 2014
from a merger between Caramba Riga
and Dinamo Riga. Initially known as FC
Caramba/Dinamo, the club changed its
name to Riga FC after winning promotion
to the top flight in 2015.
Riga finished fifth in their first season
in the top flight in 2016 then third in
2017 to qualify for the Europa League
only to fall in the first qualifying round
to CSKA Sofia. Last year, underUkrainian coach Viktor Skrypnyk, Riga
won their first Virsliga title and the
national cup.
Their debut Champions League season
was ended at the first hurdle by Irish side
Dundalk in July, but after dropping into
the Europa League they saw off Polish
side Piast Gliwice and Finland’s HJK only
to be edged out 3-2 on aggregate by
Copenhagen in the play-off round.
That adventure was one of the best
performances by a Latvian club in Europe
for many years and earned Riga just over
€1.3m in UEFA prize money.
Riga’s title push and European
adventure benefitted from a number of
players on contract at Pafos – such as
Norway international Abdisalam Ibrahim- being sent on loan to the Latvian club.
After Riga’s elimination at the end of
August, some players – including Greek
defender Giorgos Valerianos and French
striker Kevin Berigaud – returned to
Cyprus to aid Pafos’ league campaign.
Even without these players Riga were
strong enough to win the 2019 Virsliga,
which finished in November. This
guarantees another European campaign
next season and more UEFA prize
money, which is sizeable compared to the
cost base. In 2017, average club revenue
in the Latvian Virsliga was €637,500.
Pafos and Riga are among a growing
number of teams with cross-border
financial links. According to the UEFA
financial report, 15 top-flight clubs
reported “ownership or shareholding
links”’ in 2017. That number has since
grown at a lower level as taking control
of financially weak clubs can be achieved
for relatively little outlay by businessmen
such as Lomakin and Dubov.
The duo have shown that clever use of
the loan system can pay off, although the
late returning players and fresh signingshave yet to work in Cyprus, where Pafos
still suffer from inconsistency. Despite
October’s victory over Omonia they are
flirting with relegation this season, and
Kopic was sacked in November.
TSI brought in respected Riga director
Pavel Gognidze as chief executive and
recruited Cameron Toshack – the son of
Welsh legend John – as coach from
Swansea City, where he had been in
charge of their under-23 side, and he
came with his sidekick Gary Richards.
Renowned for developing and bringing
through such talent as Premier League
players Dan James of Manchester United
and Sheffield United’s Oli McBurnie,
Toshack’s appointment on an 18-month
deal is interesting given the concentration
of overseas players at Pafos.
Although TSI have been investing in
new training facilities for Pafos, taking the
job is a brave and adventurous move by
Toshack as he tries to help the Russian
duo’s Cypriot dream match their
achievements in the Baltic.Lomakin and Dubov have won two titles and
millions of Euros in UEFA prize money – in LatviaChampions League...Riga’s Kriss Karklins (right)
and Jamie McGrath of DundalkExit...Copenhagen
fans watch their
side beat Riga
International...Pafos’
Finnish defender
Paulus Arajuuri
Euro adventure...
Riga’s Roman
Debelko