Director General of FC Arsenal Kyiv Viktor Holovko has said that the club has dropped out of all competitions and that bankruptcy procedures have been launched.

"I want to repeat once again, expressing my deepest regret, that FC Arsenal Kyiv does not have the necessary funds for its existence and the club's bankruptcy procedures have been launched. Alas, nobody responded to my call to help the club. The question is closed. Arsenal Kyiv has dropped out of all competitions," reads a statement posted on the club's official Web site on Friday.

Holovko also described as misleading reports of an offer from the Football Federation of Ukraine (FFU) to help Arsenal hold the next home game of the national championship, which was announced by the head of the FFU's information department, Pavlo Ternovy.

"Mr. Ternovy claims that an offer has allegedly been submitted by FFU management to Arsenal to assist it in holding the next home game: they allegedly offered a stadium, a bus, etc. This is a lie from beginning to end. It's shameful for an FFU representative to lie to the country's football community! Today I'm the sole director of FC Arsenal: nobody has appealed to me, and nobody offered help... I ask everyone to stop holding a smear campaign around the dying Arsenal," he said.

Speaking about an open letter from the club's personnel, in which the signatories declared their willingness to save the club and continue participating in the competitions, Holovko said: "I understand the condition of the guys who could found themselves unemployed. I also have the same problem, but the players are not children, and they have to understand that the club is a commercial structure, and the players are professional people who are obliged to be realistic, without any hysteria and fantasy. I again declare that Arsenal Kyiv has dropped out of competitions and bankruptcy procedures have been launched."

On October 23, 2013, Holovko said that the club does not have any further sources of financing, and called on potential investors to help the team. On October 24, 2013, Party of Regions MP and businessman Oleksandr Onyschenko said that he had stopped financing the club.