Ryhan in limbo after Riteriai turmoil

Less than three months after Singapore-based sports marketing and player development firm Red Card Global entered into an agreement to acquire FK Riteriai on Jan 20, the deal is now off the table, leaving the Lithuanian top-tier club on the verge of bankruptcy.

- David Lee

The club's woes will also impact Singapore footballer Ryhan Stewart, who recently left Singapore Premier League side Albirex Niigata to join the Knights on a two-season contract and made his debut on April 5.

Responding to The Straits Times' queries, Red Card Global said on April 7: "We are accountable to our co-investors, including institutional partners, and take that responsibility seriously. The decision to disengage was made with their best interests in mind, based on the facts uncovered.

"Additionally, we will be initiating legal action against the sellers for misrepresentation, breach of agreement and the unauthorised use of funds committed in good faith. We are working closely with legal counsel to ensure that our position is defended and that appropriate remedies are pursued."

On April 4, Riteriai said on their website that they are experiencing financial difficulties and attributed the situation to "investors' unfulfilled obligations".

They claimed that according to their agreement with Red Card Global, which is represented by founder and former Singapore international R. Sasikumar, "the investors were obliged to transfer €150,000 (S$222,000) for the club's current payments, but so far €50,000 has not been transferred".

"In addition, the investors had provided a guarantee for another €350,000, but this obligation has also not been fulfilled," added the club.