Bulgarian champions CSKA Sofia, who were banned from competing in next season's UEFA Champions League over unpaid debts, have avoided relegation into the country's amateur third division, the Bulgarian Football Union (BFU) announced Friday.

The BFU agreed to re-issue CSKA's licence to compete in the first division Bulgarian League during the 2008/2009 season if the trouble-ridden team pays its due taxes to the National Revenue Agency by the beginning of the season on 4 August.

CSKA would also have to allow periodical checks of its finances, the BFU said. The Sofia side, who this season won their 31st league title, were scheduled to compete in the third qualifying round of the Champions League.

However, unpaid taxes and debts of some two million leva (one million euros) prompted UEFA to refuse them a permit and invite their arch rival and league runner-up Levski Sofia to take their place. Pressure from supporters prompted CSKA president Alexander Tomov to resign from the club's helm.

Tomov, who was largely blamed by fans for failing to sort out the team's financial problems, is currently facing legal proceedings for alleged embezzlement of a large sum of money from the club.

CSKA were also forced to sell seven of their top players, including goalkeeper Ivaylo Petrov, 35, who signed Thursday a one-year contract with Cypriot first division AEK Larnaca.

CSKA experienced serious financial difficulties after their Indian owner, Pramod Mittal, fell into investment and debt problems with his troubled steelmaking plant in Sofia, Kremikovtzi.

Recent press reports said Mittal was in talks with Ukrainian billionaire Konstantin Jevago, who owns Ukrainian side Vorskla Poltava, to sell him both the steelmaking plant and CSKA.