The portal “Delfi” reported that the organization, which ceased operations in June 2025, left behind a debt of 1.28 million euros to 54 creditors, and in addition, wage arrears amounting to 56.9 thousand euros, so the total “Wolves” debt amounts to about 1.34 million euros.
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The bankruptcy ruling of “Wolves” came into effect on August 18 by the decision of the Vilnius District Court. The bankruptcy case was initiated by the club’s own manager Andrius Žiauberis. The ruling states that the club’s assets are valued at 215 thousand euros, but the majority of the assets are current assets.
However, 21 entities owe 62.6 thousand euros to the “Wolves” club itself, but their repayment allegedly depends on many conditions.
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“Wolves,” founded by Gediminas Žiemelis, initiated insolvency proceedings this April and stated that it was unable to fulfill its financial obligations to creditors. The basketball club ceased operations without paying players part of their salaries, bonuses, and left other financial obligations unpaid.
During three seasons of activity, “Wolves” never reached the podium in either the LKL or the King Mindaugas Cup, although each time it had the second or third largest budget in the country’s basketball.
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