CFR Cluj is undergoing a significant leadership transition with Hendrik Klein set to assume the presidency, a move that is intertwined with a financial agreement. Behind this power shift lies the debt accrued by Ioan Varga to Samuel Grigo, Klein’s business partner.
The businessman has announced his retirement from active involvement, initiating the process with Klein’s presidency. Klein, a German entrepreneur living in Switzerland, brings extensive experience in finance and more recently, in football.
Varga has expressed confidence in Klein, indicating that negotiations had previously occurred between the two parties. However, beyond the public narrative, the agreement has a significant financial aspect.
Reports suggest that Varga’s debts to Grigo were pivotal in the negotiations leading to this agreement. Currently, CFR Cluj’s debts are estimated to be around €15 million, and Varga’s plan involves a complete transfer of shares only if these debts are resolved by the end of the season; otherwise, the deal will not proceed.
Klein’s Controversial Background and Market Manipulation Allegations
Before joining CFR Cluj, the 52-year-old Klein built a substantial career in finance. He began trading economic instruments in 1996 for various institutions in Germany and later specialized in transactions on platforms like EUREX and XETRA. Klein presented himself as an expert in “electronic trading” before a British court.
In 2004, he joined Da Vinci, where he eventually became managing director. The firm was involved in investment and trading, managing approximately €370 million in 2010 according to Klein’s own court testimony.
However, during his tenure, Da Vinci faced legal scrutiny when three traders using its capital engaged in market manipulation tactics known as “layering” or “spoofing,” misleading the market about real demand and supply.
By August 2015, the Financial Conduct Authority (FCA) won a case against Da Vinci, resulting in a £1.46 million fine for market abuse, marking a significant moment as it was the first time the FCA sought both financial penalties and permanent bans in such cases.
As of 2025, CFR Cluj’s total debt was reported at €25.5 million, which included loans and overdue payments to employees and tax authorities. Recently, the ANAF placed restrictions on the club’s accounts for €2 million.
Additionally, seven complaints from current and former players about unpaid wages led FIFA to impose a transfer ban until debts are settled.
Controversies in the Fashion Industry and Failed Football Ventures
Klein’s business dealings have not been limited to finance. In January 2014, Da Vinci Invest AG acquired Bruno Magli, a prestigious Italian footwear and luxury goods manufacturer. Despite initial optimism about expanding the brand, the situation deteriorated quickly, leading to store closures and layoffs by mid-2014. By the end of that year, debts were estimated to be between €18-20 million, with efforts underway to salvage the brand.
In 2017, Klein was involved with Fritz Nols AG, which announced the cessation of financial intermediation services in Switzerland, resulting in bankruptcy proceedings.
Klein’s Aspirations with FC Locarno and Subsequent Legal Issues
In 2025, Klein ventured into football with FC Locarno, a club in Switzerland’s fifth division, alongside Samuel Grigo, who was to play a significant role in the new structure. However, after a contentious general assembly, both Klein and Grigo were ousted from leadership positions. Their attempts to contest the legality of the assembly and regain control gained media attention and sparked political debate due to the club’s use of public infrastructure.
Despite their efforts, the civil court in Locarno dismissed their legal proceedings against the assembly’s decisions.
Samuel Grigo: Klein’s Partner with Gold Trading Links
Grigo, a former footballer turned agent, registered a company in Switzerland focusing on athlete representation, consulting, and media rights. He also owns Gold Point, a business specializing in gold acquisition, which adds complexity to his partnership with Klein.
Reportedly, Varga owes Grigo a debt in gold, which stems from a longstanding commercial relationship and has influenced the current agreement between the two parties. Varga has previously claimed to have gold mining operations in Africa, with metals sold as far as Dubai.
“We’ve faced problems before and always managed through them. The club will not close or go bankrupt. We will resolve our issues step by step. This is not just hard for us; many clubs are facing difficulties. The ones who sing our requiem shouldn’t worry, as we will be fine. The money will come. I will resolve it.” – Ioan Varga, July 2026.
