Terzic, who took over last year but has joined several board members who quit earlier this week, said he was “sad but proud” after slashing the club’s debts by 10 million euros ($10.97 million).
“Sad because I am leaving the club I love but proud because I have stabilised it after investing a considerable amount of my own money,” he told Belgrade media.
“We owed in excess of 50 million euros and faced bankruptcy when I took over, having been banned from European competition for a year over unpaid debts after winning the league title.
“The debt now stands at 40 million euros and the club is still on its feet. I know the fans are disappointed that we didn’t win the title last season too but it was unrealistic.”
Red Star were knocked out in the Europa League first qualifying round last month by unfancied Kazakhs Kairat Almaty 4-1 on aggregate.
It meant the once mighty club failed to survive the winter break in European competition for a 23rd successive season.
That was followed by a controversial 6-2 league win at city rivals OFK in a match being investigated by the Serbian football authorities after widespread suspicions that it was rigged.
OFK led 2-0 at halftime before Red Star put six goals past their rivals in the second period.
The Serbian FA launched an inquiry after media reports that several as yet unidentified individuals stormed into the home team dressing room during the break and threatened the players.
Officials from both teams have denied any wrongdoing.
Pressure mounted on Terzic, a former OFK chief, after a 0-0 stalemate at promoted Metalac Gornji Milanovac and a 1-1 home draw with Radnicki Nis.
"Fans want instant results and I am aware that being eliminated from European competition so early in the season, coupled with a pair of draws with unheralded Serbian league rivals, constitutes a poor start,” said Terzic.
“I will be at the club’s disposal until the replacements are elected because we don’t want the club to face a blockade.”
($1 = 0.9116 euros)
(Reporting by Zoran Milosavljevic, Editing by Ken Ferris)
Share
