Honka bankruptcy: How one of Finland’s elite teams fell apart?
On November 16, 2023, Honka bankruptcy was declared to the shock and horror of the many fans and players involved with the club. Honka was one of the biggest teams in Finland in recent times. Just in 2023 the team from Espoo finished fifth in the Veikkausliiga and reached the Finnish Cup final.
The players that were contracted to Honka were among the best in the country. The team also had the second-largest youth scheme with over 1,000 youth players of all ages and genders playing for Honka. Yet, without much-advanced warning disaster struck in just 17 days and Honka’s bankruptcy became a reality. Here is what happened.
How did Honka bankruptcy transpire?
The 2023 Veikkausliiga season had just finished in late October when the first hints of trouble in Honka emerged. Despite failing to finish in the top 3 like a year earlier Honka still had a decent campaign – made the top 5 and reached the Finnish Cup final.
Honka bankruptcy: October 31, 2023
At the end of October, numerous media sources in Finland shared the same news. It stated that FC Honka had failed to pay the wages of the players and the other staff, without any advanced warning.
The main company running the club Esport stated simply that “Honka had run out of money.”
Honka bankruptcy: November 05, 2023
On that day it was circulated across the media for the first time the possibility of Honka bankruptcy. This after the team’s main sponsor for the previous seven seasons Färid Ainetdin refused to continue pumping money into the club. Honka had declared big losses for multiple consecutive years before 2023.
Honka bankruptcy: November 08, 2023
A few days later it was confirmed that Honka’s General Manager Hexi Arteva had resigned. Not much else was coming out of the club’s communication channels. Players and staff grew more and more frustrated by the day. They were left without wages and without any clue what the future holds for them.
The growing frustration was summed best by Honka’s captain Henrik Aalto in an interview: “Every time, when Honka faces financial difficulties, I am frustrated by how poorly things are communicated and solved with the players, coaches and the rest of the staff. Nothing is announced beforehand. And when something negative happens, even then you have to be the one asking for information and to live in uncertainty. Foreign-born players are still stuck in the country clueless of the future.”
Honka bankruptcy: November 10, 2023
Shortly after it became clear that Honka can’t complete the license requirements to compete in the 2024 Veikkausliiga. Still, there was hope that a solution other than Honka bankruptcy would be found and the team would only drop into the second tier.
Honka bankruptcy: November 16, 2023
This hope was extinguished a few days later when Färid Ainetdin confirmed that he was removing all his financial backing of the club. As a result, Honka’s bankruptcy was declared and the team stopped existing.
A day later the main company running the team Esport Honka also filed for bankruptcy and it no longer exists.
Honka bankruptcy: So what comes next?
After this fast-unfolded drama, Honka won’t be able to play in any of the top three tiers of Finnish football. Instead, the team takes the position of Honka II in the fourth tier (Kakkonen) and from now on this amateur club will be called Honka Akatemia.
As for all the players and staff members who became unemployed overnight after Honka’s bankruptcy the uncertainty only begins. Färid Ainetdin can’t be legally forced to pay any owned wages and contract fees. In a statement, he just wished that all ex-Honka players and staff get some sums back from their insurance.