Neuchatel Xamax filed for
bankruptcy on Thursday after failing to win their Swiss Super
League licence back on appeal having been kicked out last week
and the club's owner, Chechen Bulat Chagaev, has been arrested
on suspicion of fraud.
"Neuchatel Xamax has decided to file for bankruptcy because
of the withdrawal of the licence and financial position of the
company," the club said on its website.
"The board has also decided to release the players from any
obligations," it added in a short statement.
Businessman Chagaev was ordered to be held on remand in
Geneva's Champ Dollon prison following a hearing before the
public prosecutor Yves Bertossa on Thursday afternoon.
"A further hearing has already been scheduled for tomorrow
(Friday)," the Geneva judicial authorities said in a statement.
Courts can order a suspect to be remanded without charge if
there is strong suspicion a crime has been committed and if the
suspect is considered likely to flee, destroy evidence or
On January 18, Neuchatel were expelled by the Swiss Football
League (SFL) on suspicion that a document produced as a
financial guarantee for the club was false. Its appeal to get
its licence back was rejected earlier on Thursday.
Before its expulsion, the club had been docked eight points
over problems in paying players' wages and social security
contributions and was again reported to the Swiss FA
disciplinary committee for a breach of regulations on January 17.
Once a close associate of Chechen President Ramzan Kadyrov,
Chagaev has kept Neuchatel centre stage since he bought the
relegation-threatened club last May and said he wanted to make
them Swiss champions and earn a place in the Champions League.
He then fired four coaches in five months but Neuchatel,
while no longer battling relegation, struggled to capture the
imagination of the fans as they failed to challenge the leaders.
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