Moscow, June 13 (IANS/RIA Novosti) Former Russian football star Valery Karpin is being sued for $29.3 million in a Spanish court over a real estate dispute, La Voz de Galicia newspaper reported Thursday.
The case stems from a loan that a Karpin-controlled company allegedly took out to finance a real estate deal in the city of Vigo, where the 72-cap Russia international played for Celta de Vigo between 1997 and 2002.
His company is allegedly behind on repayments to two banks. The promised luxury apartment complex has not materialised and the company's offices are empty and stripped of furniture, the newspaper said.
Many Spanish real estate developments have been put on hold after the ongoing financial crisis ravaged the country's once-thriving property market.
Karpin retired as a player in 2005 and now manages Spartak Moscow. He has kept his ties to Spain and owned a stake in a professional cycling team from the country between 2007 and 2008.