Vilnius Žalgiris have confirmed businessman Erikas Mališauskas as a new shareholder after holding a media briefing outlining the club’s summer plans, UEFA Conference League preparations and the findings of an internal audit that has uncovered a series of controversial financial practices under the club’s previous management.
Club director Mindaugas Kasperūnas in a press conference today announced that Mališauskas has acquired five shares in the club for €900,000. Žalgiris currently has 29 shares in circulation, although one remains under seizure. According to Kasperūnas, Mališauskas first expressed interest in becoming involved with the club last autumn and also provided a €100,000 loan during what was described as a financially difficult period.
“We are happy that new shareholders are joining who care about the club and contribute not only financially but also through their work,” Kasperūnas said. “One of our goals is for shareholders to be active and help the club move forward.”
Mališauskas has already been involved in overseeing Žalgiris’ merchandise operations, including the development, production and sale of new club products. Club officials did not rule out the possibility of additional shareholders joining in the future.
On the sporting side, sporting director Giedrius Klevinskas discussed next month’s UEFA Conference League first qualifying round tie against Montenegrin side OFK Petrovac. While acknowledging that supporters have already begun discussing potential second-round opponents, Klevinskas insisted the club remains fully focused on the challenge ahead.
“We see Petrovac as a very serious opponent,” he said. “Balkan teams are always difficult, especially at home, and the climate conditions will also be challenging. We expect a very difficult tie.”
Žalgiris have already completed three summer signings, all of whom made their debuts in the club’s most recent match. Klevinskas revealed that at least two additional players are expected to arrive before the transfer window closes, while another training camp abroad is also being considered to help integrate new arrivals.
The club also confirmed that its European matches this summer will be broadcast through TV3, with no pay-per-view model planned. Club president Andrius Tapinas said the objective was to ensure the widest possible audience within Lithuania.
However, much of Friday’s briefing focused on the results of an internal audit covering the period from 2021 to 2025. The review uncovered a number of transactions and expenses that current club officials described as difficult to justify and which have now been handed over to legal advisers for further examination.
Among the findings were more than €400,000 spent on various goods including perfumes, interior products, building materials and other items that auditors struggled to connect directly to football operations. Approximately €160,000 of those expenses were reportedly linked to former club director Vilma Venslovaitienė.
The audit also identified nearly €250,000 in representation expenses for which supporting documentation was either incomplete or unavailable. Listed among written-off club assets were luxury pens worth up to €560 each, men’s accessories, GoPro diving equipment, PlayStation accessories, gardening equipment, outdoor furniture, gazebos and pressure washers.
Auditors further noted that several items purchased with club funds could no longer be located, including washing machines, dryers, televisions, sofas and oak furniture.
The most striking figures related to bonus payments. According to the audit, former head coach Vladimir Čeburin received almost €499,000 in bonuses over the four-year period, with approximately €190,000 lacking sufficient supporting documentation. Former director Venslovaitienė reportedly received more than €522,000 in bonuses herself while simultaneously drawing salaries as both club director and sporting director.
Čeburin also benefited from an arrangement under which he received 30 percent of certain player transfer fees, earning an additional €84,000 through transfers. Club representatives indicated they intend to seek clarification from UEFA regarding whether such compensation structures align with accepted football governance practices.
Additional findings included a €61,000 advance provided towards the purchase of a vehicle for Čeburin, flights to Istanbul for both Čeburin and Venslovaitienė unrelated to club activities, approximately €20,000 in unexplained flight expenses and a similar amount spent on dental services.
The audit also highlighted a €95,000 loan issued to a private individual with no apparent connection to the club. “We are not a payday loan company,” Tapinas remarked during the presentation.
Both Kasperūnas and Tapinas stressed that all audit materials have now been transferred to legal experts, with the club considering possible legal action once further reviews are completed.
“I believe some of the money may eventually return to the club,” Tapinas said. “Paying bonuses itself may not be illegal, but there must be reasonable limits. Instead of investing in the club’s future, it appears that the fish was simply eaten rather than using it to build something bigger.”
Kasperūnas, who also served on the club’s board during part of the previous administration, admitted he was surprised by the scale of the figures uncovered.
“The amounts shocked me because the bonus approval process that we saw at board level was completely different. The numbers we approved and the numbers that have now emerged simply do not match,” he said.
Žalgiris officials stated that further investigations remain possible and did not rule out expanding the audit to cover earlier periods of the club’s history.
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Source: https://fkzalgiris.lt/pristatytas-naujas-dalininkas-pasiruosimas-europai-ir-veiklos-auditas/
