In the End of His Career: Moto Racer Champion Martin Choy Is Оverhead in Debt (Moneylenders Take His Parents Home)
The only home, belonging to him, his mother and brother, situated in Banishora, is pledged for BGN 20 000 in EUROCOMMERCE credit house.
The greatest Bulgarian motosport talent and total republican champion Martin Choy has gone totally bankrupt and for another year is owing BGN 20 000 to some of the most notorious moneylenders in Sofia. Although he has solid sponsors behind his back such as a large chain of Greek gas stations and a German car company, the moto racer seems to be spending more money that he earns and is overhead in debt, reference in the Property Register shows.
It states that his birth home has been pledged for four years for the amount of BGN 20 000 – a little amount of money when it comes to his sponsors. There is even more to that. The moneylenders have made his father, his mother as well as his brother Svilen – from his mother’s first husband, become co-debtors so they have to pay the enormous interest on the loan that Martin is supposed to pay every month.
Due to his depts to the notorious credit house no bank institution is willing to have Choy as its client. And this hypothesis is valid either if the borrower has no official income, or if there is the so-called. “Bad CCR”. Ti put it simply this means that Choy must have taken out banks and not repaid his loans for a long time in the past and they must have been particularly large. But even if this is the case, any bank would make an exception for such a famous athlete with solid sponsors behind him. Not to mention that most of the companies, whose logo adorns the bike of our racer, will lightly count BGN 10-20 000 per hand, hoping to cash them in later through his advertising in the media.
The passion of the Korean-born motorcyclist of buying the latest model of motorcycle every year, refined with all extras that cost not less than BGN 100,000 is well known in the sport circles. Those thousands to the credit house should be invested in preparation and maintenance of his motorcycle, because the interest on this obligation is hardly known to his sponsors and are part of the contracts with them.
In short, there must be a serious reason why the motochampion owes money to such notorious moneylenders. It can be clearly seen in the Property Register that Choy is a manager and an owner of two companies connected to motorcycling that have net yet announced they annual reports. One thing is for sure, these companies are not seized i.e. their accounting is well lead. The champion has no other real estate property hence we doubt the credit has been spent for motorcycle repair.
Choy’s performance in the last few races was quite poor and he was moving much slower than his teammates at the just-concluded championship on the SPA track in Belgium.
Gossips say that Choy has wasted his talent because of another of his passions – gambling and extravagant male companies. It is possible that the 40-year-old athlete has slipped downhill and become addicted to banned substances used by friends around him. Prices per gram of “white” go from BGN 1,000 upwards and can easily encourage addicted people without serious income to risky financial behavior. And to put them in the vicious circle of constantly entering into loans.
It seems that Choy’s complicated financial situation seriously impacts his psyche and preparation for competitions. There is even a rumour that the former champion will not stay on the street because of the fact that he has no scruples to work the most ancient job – as a paid companion of old but rich ladies. Martin has become used to offer his sexual services to ladies when he is short of money for a competition or for the moneylenders. That is what rumours say.
It is also said that our athlete has found a very refined way to receive material support for his career, disguised as an emotional and business friendship.
Alas, after such successful years, at the end of his career, Martin Choi is about to rank among other athletes from our recent past, for whom money and weak angels proved to be their greatest test.