Swiss club Servette staves off bankruptcy

BY foxsports • March 8, 2012

Swiss top-tier club Servette has been granted time by a judge to avoid being declared bankrupt after a buyer emerged at the last minute.

Canadian businessman Hugh Quennec's offer to take over the 17-time Swiss champion persuaded a Geneva court on Thursday to delay deciding on the club's future before the end of next week.

Outgoing owner Majid Pishyar, who filed for bankruptcy one week ago, says in a statement published on Servette's website that he is selling his stake for ''a symbolic one Swiss franc ($1.10).''

Quennec says the court's request to provide 650,000 Swiss francs ($715,000) covering Servette's costs for one month has been promised by investors who remained anonymous.

The Montreal-born Quennec already owns the Geneva-Servette ice hockey club.