Željko Karajica, a Croatian entrepreneur, is facing significant controversy as Austrian football club Austria Klagenfurt, which he was once hailed as a savior of, has been driven to the brink of bankruptcy due to his questionable business decisions. Following the club's relegation to the second league last year, the situation mirrors that of HNK Šibenik, which has also been relegated to the fourth league under his leadership due to mounting debts. This parallel has raised serious concerns about Karajica's ability to manage football clubs effectively.

On Friday morning, official bankruptcy proceedings were initiated against Austria Klagenfurt GmbH and the associated club SK Austria Klagenfurt. Karajica, who serves as the director of the club, expressed the shock and disappointment of this turn of events during a media conference just a day prior. He claimed to have preparations in place to resolve the club's biggest issues and found the timing of these proceedings incredibly frustrating, attempting to calm the upset fans with assurances that the club remains solvent.

The club plans to appeal the bankruptcy decision in hopes of demonstrating that it is financially stable enough to continue operations. This move is critical not only for the future of Austria Klagenfurt but also for Karajica's other business ventures, including HNK Šibenik, as the stakes are high for both the clubs involved and their loyal supporters. The implications of these financial troubles may extend beyond the sporting realm, affecting the local economies and fan engagement in these communities.