Former Ethiopia Premier League Champions Dedebit Declared Bankrupt

Ethiopia Premier League side Dedebit FC  have declared bankruptcy and will be forced to drop to Third League, according to Ethiopian media reports.

The 2013 EPL champions resolved on Thursday to withdraw from the league over financial issues after the company that backs them withdrew their sponsorship.

An official from the club confirmed the development to Ducor Sports and noted that the decision takes immediate effect.

“The club has decided to pull out of the league because our main sponsor has decided to pull out leaving us with a huge debt of US$703,000,” the official who preferred anonymity confirmed.

However, Ethiopia Football Federation vice-president Awol Abdurahim says that his office is yet to receive the club’s withdrawal letter and noted that the matter will be forwarded to the competitions committee for action.

“We can’t comment further on this development. We will have a meeting (to discuss what happens with the league) once we get the letter,” Abdurahim told BBC.

Dedebit first made an announcement about their financial difficulties after the 2017/2018 season saying that they would only sign players with low wage demands and would let go of players earning high wages.

The Makelle-based outfit are currently at the bottom of 16-team Ethiopian Premier League table with 10 points from 23 games and are scheduled to play Welatya Ditcha on Saturday in Woallaita Sodo Stadium.