It was recently announced that Cibona begins the process of transformation into a sports joint-stock company, for which there is a deadline of 45 days, reports the Croatian media.

The debt of the Croatian basketball club is five million euros, but two million would be converted into shares to reduce the debt to three million.

Cibona, the former giant of Croatian and European basketball, ended up in bankruptcy. This club is on the 120th day of blockade, so it ended in bankruptcy.

And the bankruptcy means the club could start the season with just five seniors from last season and a number of juniors.

- After a long series of years of different businesses, bad news and negative articles, I want to present the possibility of transforming the club into a sports joint-stock company as a permanent solution. Of course, in order to achieve that, it is important to go through certain steps according to the rules, which derive from the new Law on Sports, which is expected to be adopted these days. We are conducting market research and our report, which is in an advanced stage of development, and we must adapt accordingly - said the club's director, Tomislav Seric, recently.