The owner of Rapid Bucharest says the club has filed for insolvency after running up huge debts.

George Copos, the majority shareholder, says `'I am on my knees, I want to save Rapid.'''

Papers were filed in a Bucharest court for an unpaid debt of ?550,000 ($710,000).

The club, which has been Romanian champion three times, has not paid its players and officials for months. Copos says on Tuesday the club has paid all of its taxes to the state.

Romanian football regulations do not allow an insolvent club to have a first-division license, but Copos insists he will fight to get the club back for next season. Rapid lies ninth in the 18-team domestic league.