FK Riteriai announced that the club had begun legal procedures to initiate insolvency proceedings after describing the financial situation as critical, with creditors to be notified the same day in accordance with Lithuanian law.
The club said the crisis stemmed from unfulfilled obligations under sponsorship agreements signed on January 27, 2026, with 4ThePlayers Academy B.V., Team Konadu B.V. and Clancy Osei Konadu. Under those deals, the sponsors committed a total of EUR 1.25 million. Riteriai said it had requested EUR 350,000 by March 12, 2026, but only EUR 30,536.10 had been paid by the date of its formal claim, leaving an overdue unpaid amount of EUR 319,463.90 and a total outstanding balance of EUR 1,219,463.90.
Riteriai said it filed an official claim on April 7, 2026, over the alleged non-performance of those contracts, demanding that the breach be remedied within the prescribed deadline, that the overdue and remaining sums be paid, and that the sponsors confirm in writing they would continue to honour the agreements.
According to the club, the failure to receive those funds disrupted execution of its 2026 season budget, day-to-day expense coverage and payments to employees, coaches, sports staff and service providers. It added that the situation had caused significant financial disruption, delayed settlements and created risks around licensing, legal and tax obligations.
Based on currently available data, Riteriai said its total debt to creditors stands at EUR 253,407.49. The club said it was starting insolvency proceedings on its own initiative while management and administration continued efforts to stabilise the situation, preserve operational continuity and protect the interests of the team, employees and creditors.
Riteriai added that the situation could still be materially stabilised if the sponsors immediately met the financial obligations set out in the signed agreements, and said it would continue to update the community on major decisions and the progress of the process.
For followers of Lithuanian football, this is a familiar situation as Riteriai faced an almost identical situation around this same time last year. Back then, the Lithuanian Football Federation provided club with a EUR 50,000 bailout.
Source: https://www.fkriteriai.lt/post/d%C4%97l-v%C5%A1%C4%AF-fk-riteriai-finansin%C4%97s-situacijos-ir-prad%C4%97to-nemokumo-proceso-inicijavimo
