By Aimi G.
From suiting up in Europe to facing possible chaos all in under a month, Singapore international Ryhan Stewart’s European adventure could possibly now take a sharp detour.
His journey became a potential question mark after Singapore-based Red Card Global exited their deal with Lithuania football club FK Riteriai.
The 25-year-old, who joined the club in March on a two-year contract after leaving Singapore Premier League side Albirex Niigata, made his debut for the Lithuanian top-flight club on 5 April.
Coming off the bench in the 65th minute, Stewart helped spark a 3-1 comeback win over FK Panevezys, Riteriai’s first victory of the season.
Unfortunately, the Riteriai are not at the top of their management.
On 7 April, The Straits Times reported that Red Card Global pulled out of the acquisition deal due to what it described as “misrepresentation, breach of agreement, and unauthorised use of funds” by the sellers.
The company, led by former Singapore international R. Sasikumar, has also announced plans to take legal action.
“We are working closely with legal counsel to ensure that our position is defended and that appropriate remedies are pursued.”
“We are accountable to our co-investors, including institutional partners, and take that responsibility seriously.”
“The decision to disengage was made with their best interests in mind, based on the facts uncovered,” said Red Card Global in a statement
Just days earlier, on 4 April, Riteriai published a statement saying they were facing financial difficulties and blamed “investors’ unfulfilled obligations” for the crisis.
According to the club, Red Card had failed to transfer €50,000 out of a promised €150,000 for operating expenses and had not fulfilled a separate €350,000 guarantee.
Red Card, however, hit back, stating that it had transferred the full €150,000 on 21 January, but no shares were ever legally transferred.
“Despite this, we have been inaccurately referred to as the club’s new owners in various communications and media reports,” the statement added.
“From the outset, the transaction was presented to us on the basis that we would be acquiring a debt-free club.”
“However, based on both the due diligence process and the recent conduct of the sellers, we are no longer confident that this core condition of the legal agreement can or will be upheld.”
“It was subsequently brought to our attention that some of our funds were used to settle pre-existing obligations that were outside the scope of our engagement.”
“This occurred without explicit our approval under the agreed financial oversight process,” said the company.
A report from Baltic Football News added to the confusion, claiming that although money was transferred, Riteriai had not paid player salaries or accommodation “since at least February.”
Sasikumar’s Red Card said it had covered February’s salaries.
The Lithuanian Football Federation’s president, Edgaras Stankevicius, said there’s “truth on both sides”, but confirmed the club’s financial position is dire.
And where does that leave Stewart? In a holding pattern.
The 25-cap Lions player said he was grateful for his European debut but is waiting for more clarity on the situation before commenting further.
For now, all he can do is wait and hope his footballing future doesn’t get lost in the fallout.
MAIN PHOTO: FK RITERIAI