Red Card Global's FK Riteriai takeover collapsed in 11 weeks with €150,000 already spent

On Jan 20, 2025, Red Card Global, a Singapore sports marketing and player development firm founded by former international R. Sasikumar, agreed to acquire FK Riteriai, a Lithuanian top-flight club. The deal was presented on the basis that Red Card would be acquiring a debt-free club. Red Card paid €150,000 (S$222,000) the next day 'in support of the acquisition process', and the club signed Singapore player Ryhan Stewart on a two-season contract. Less than three months later the deal was off, and Riteriai said it could not pay players, coaches or staff.

On April 4, Riteriai publicly blamed 'investors' unfulfilled obligations': €50,000 of the agreed €150,000 transfer allegedly missing and a €350,000 guarantee unfulfilled. A day later, Baltic Football News reported money had reached the club's account but salaries and accommodation went unpaid from at least February. Red Card responded that no shares were ever transferred or registered in its name, that some funds had settled pre-existing obligations outside the agreed scope without its approval, and that an audit revealed significantly higher debts than the sellers had indicated.

Red Card said it would initiate legal action against the sellers for misrepresentation, breach of agreement and unauthorized use of funds. Lithuanian Football Federation president Edgaras Stankevicius told TV3 there was 'some truth on both sides' and that guaranteed obligations had been partly transferred but already spent. The club remained on the verge of bankruptcy, and Stewart, who had made his debut on April 5, was left with his club career in limbo.

€150,000 (S$222,000) paid with no shares registered; deal abandoned by April; legal action against sellers; the club could not pay players, coaches or staff.

Red Card committed to the acquisition on the seller's 'debt-free' representation; the audit surfacing significantly higher debts came after money had already moved.

€150,000 was wired the day after signing, before any shares were legally transferred or registered in Red Card's name.

Funds landed with a club in prior financial distress and were partly used for pre-existing obligations outside the agreed scope, without the buyer's explicit approval.

With no completed transaction, both sides aired the dispute publicly — the club demanding missing transfers, the buyer alleging misrepresentation — leaving the club unfunded.

In acquisitions of distressed clubs, finish the audit before money moves and escrow the payments — once funds land with a seller before shares transfer, leverage flips to the seller.

By April 7, 2025, Red Card said it was initiating legal action against the sellers and working with counsel to defend its position. Riteriai demanded the remaining €50,000 plus the guaranteed funds to keep operating, while the federation president modelled options to help the club. Former sports director Vytautas Masaitis, who had brought Sasikumar in as an investor, said the audit's findings about higher debts justified suspending the process. Stewart made his debut in a 3-1 win over FK Panevezys on April 5 but said he needed a clearer picture before commenting further.