By David Gold

zhemchuzhina_sochiAugust 7 - Zhemchuzhina Sochi are the latest professional Russian league club to fold as a result of financial difficulties, and will now drop out of the first division - a blow to the potential legacy plans of organisers of the 2014 Winter Olympics and Paralympics.

On the club website, they said "club President Dmitry Yakushev told the players that Zhemchuzhina will no longer be able to play in the national league."

Sochi had spent big in an attempt to win promotion to the top flight in Russia, but could only finish eighth in the league last season.

With an annual budget of $30 million (£18 million/€21 million), it was hoped that the club could become one of the leading forces in Russian football.

Sochi's liquidation is a particular blow as the resort, which is also due to stage games during the 2018 World Cup.

The club were hoping to move into the Olympic Stadium after Sochi 2014, so their bankruptcy will strike a blow to the legacy plans of the Winter Olympic and World Cup Organising Committees.

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