Leonid Fedun said he’s spent almost $1 billion to return Spartak Moscow to the glory it achieved in his youth, when it was Russia’s top soccer club. The billionaire plans to take the team public after building a new stadium.
A former Soviet army officer who now helps run OAO Lukoil, Fedun has spent about $60 million annually on Spartak, known as the People’s Team. The club won all but one of the first 10 league championships following the collapse of the Soviet Union. It hasn’t secured the title since 2001 and has been surpassed by its Moscow rivals and Zenit St. Petersburg, backed by the world’s biggest natural gas producer, OAO Gazprom.