On 10 April 2009, VTB Bank and Dynamo Sport Club entered into a Memorandum of Cooperation.
The Memorandum was signed by Andrey Kostin, VTB President and Chairman of the Board and Vladimir Pronichev, Chairman of Dynamo.
The Parties settled the terms of implementing the investment project for complex reconstruction of the Dynamo Central Stadium in light of the changed economic situation. The Petrovsky Park project envisages reconstruction of the Big Sport Arena, construction of a multifunctional sport centre with football exercising area and commercial centre with a hotel and underground parking. Also, the Memorandum will regulate financial relations between the Bank and Dynamo Group.
Under the agreements achieved, VTB will take control over the assets of the project aimed at reconstructing the Central Stadium by holding 75% minus 1 share of the Dynamo Management Company (the developer of the Petrovsky Park project), and 74% of the Dynamo-Moscow Football Club shares (FC Dynamo-Moscow). The deals will be completed through conversion of the companies' debts into their shares. Dynamo Sport Club retains holding of 25% + 1 share of the Dynamo Management Company and the Dynamo-Moscow Football Club.
Vladimir Pronichev, Chairman of Dynamo, presents a t-shirt to
Andrey Kostin, VTB President and Chairman of the Board.
"It is crucially important for us that despite hard economic environment, the Petrovsky Park project will be implemented according to the best world standards. The cooperation between VTB and Dynamo will help the Bank fulfill this task and contribute to developing one of the oldest sport clubs of the country," Andrey Kostin said at the signing ceremony of the Memorandum.
"We are pleased that our partnership with VTB Bank has been brought to a new level and believe it will give impetus to developing Dynamo traditions and building modern sport infrastructure in the country," said Vladimir Pronochev.
After the ceremony Vasily Titov, VTB Deputy Chairman and Dmitry Ivanov, General Director of FC Dynamo-Moscow signed a Sponsorship Agreement for 2009, under which VTB became the General Sponsor and the Official Bank of FC Dynamo.