Roman Dubov on investing in the ‘beautiful game’ – after leading Pafos FC to the 2024-25 Cyprus League title

Roman Dubov, Chairman of Pafos FC and CEO of Total Sports Investments, has brought a unique blend of global perspective and personal drive to the local football scene.

A Russian businessman born in Hungary and a British citizen since 1999, Dubov invested in the Cypriot club in 2017 and, over the last eight years, has sought to infuse it with strategic clarity, international expertise and a bold, forward-looking vision.

Under his leadership, Pafos FC has just won the 2024-25 Cyprus League title and progressed to the Cup Final. It has already lifted silverware, upgraded its infrastructure and placed community and youth development firmly at the heart of its mission. In 2024, it made its European debut by qualifying for the UEFA Conference League.

In this exclusive interview with GOLD magazine, Dubov shares his philosophy of building lasting value and his thoughts on the Cypriot market and what it truly means to create a legacy.

What motivated your decision to invest in Pafos FC and what was your initial vision for the club?

When we invested in Pafos FC back in 2017, our vision was clear: we wanted to create something new, something competitive, something sustainable – not just a football club but one that could give back to the community. Cyprus is a nation with such a love of football and, in Pafos, we believed that we had an opportunity to build something from the ground up. We drew up six- and ten-year plans, which we continue to adhere to today. We’ve already achieved some of the aims, while we’re still moving towards others but the process itself has been so rewarding.

Since taking over Pafos FC in 2017, the club has achieved significant milestones, including winning this season’s Cyprus League title, qualifying for the Cup Final as last year’s champions and playing in Europe. What strategies have been pivotal in driving this progress?

We’re proud of the improvement but, honestly, we’re still not fully satisfied. We know we can do even more. Our strategy has been multi-faceted and highly focused. We’ve invested significantly in data-driven scouting, professional structures and the right player profiles but, above all, we’ve established a culture of ambition and accountability, both on and off the field. The 2024 cup win was a momentous occasion and a fine reward for all involved but we have already shown that our best moments are still to come, here in Cyprus and across the globe.

What are your long-term objectives for Pafos FC?

Our long-term objective is straightforward but ambitious: to be happy and make our supporters happy; to enjoy the journey together. We wish to have a consistent top-of-the-league presence and perform well in UEFA club competitions. A new stadium is included in the vision and we know how valuable this will be – not just for the club’s identity but also for the supporters’ experience and commercial development. But attempting to do something like this in Cyprus is not without its difficulties. We’re taking it slowly and thinking carefully about how we go about it.

With your extensive background in international football, how do you assess the current level of the sport in Cyprus?

I think Cypriot football is underrated. The level here is higher than in some Eastern European countries, like Serbia, Bulgaria or Poland. But due to a lack of good marketing and national team appearances that are not regular, the local league does not always get the credit it deserves. There is certainly room for improvement – especially to how the game is promoted and developed – but the foundations are definitely there.

What areas require development to elevate the standard of football in Cyprus, so that its teams can compete more successfully in Europe?

Youth development, coach education and facilities are high on the agenda. Marketing and broadcasting also have to be enhanced to promote the league. But above and beyond that, we require more strategic thinking, more planning and more cooperation from the Cyprus Football Association. At the moment, we’re not getting that and, without it, things will always be limited.

How do you perceive the role of foreign investors in enhancing the quality and competitiveness of Cypriot football?

Foreign investors can bring a lot – capital, know-how, international contacts – but it has to be done with respect for the local culture, history and people. In Europe, over half of the top league clubs have foreign investors, which has lifted the level dramatically. Cyprus can gain, too, so long as the emphasis is on sustainable development and shared values.

What initiatives has Pafos FC implemented to nurture local talent? How important is youth development in your overall strategy for the club?

Youth development is absolutely at the heart of everything we do. We’ve constructed new training facilities, appointed professional coaches and worked with schools to nurture young players. Our academy is connected with elite clubs such as Udinese, Watford, Atalanta, Chelsea, Sevilla, and Porto. Our U19 team has been the best in Cyprus for the last three years. We’ve also participated in international tournaments to expose and gain experience for our youngsters. This is a lengthy process, but one that we firmly believe in.

As CEO of Total Sports Investments, what do you take into consideration when taking up sports-related investment opportunities?

We are constantly on the lookout for potential that is yet to be maximally developed, in areas where our abilities and resources can really have an impact. We are not on the lookout for already well-developed or “ideal” businesses. We like a challenge. If we can make an impact, mould an enterprise and help it grow sustainably, that is where we want to be.

Total Sports Investments has a diverse portfolio of investments across different sports and regions. How do you manage this?

It’s a question of synergy and balance. We have a pool of specialists with in-depth knowledge of each sector and geography. Every project is distinct but we are motivated by the same universal principles: long-term performance, sustainability and innovation. That stability allows us to balance more than 40 investments – from infrastructure and data analytics to rallying, F1 and golf. Wherever we are – the UK, UAE, Spain or Cyprus – the underlying values are the same.

What are the primary challenges you face in the sports investment sector and how do you navigate them?

The emotional aspect of sport is its challenge but also its beauty. Outcomes can be unpredictable and, at times, choices must be made between head and heart. Good communication, good leadership and patience are required. And, of course, each market is unique as regards its regulations, culture and mentality. In most countries, including Cyprus, there is still a lack of high-level sports management. I think education and professional development in sport need to be enhanced to move the industry forward.

What attracted you to invest in Cyprus and how would you describe the experience of operating in the Cypriot market?

Having lived for nearly 30 years in the UK, the investment in Cyprus came naturally. The financial and legal frameworks are in place but Cyprus also provides beautiful weather, a good tax regime and an impeccable lifestyle. What struck me was the passion – Cypriots love sport! And there is so much untapped potential here, from sports tourism to infrastructure. Bureaucracy may occasionally slow things down but if you are interested in opportunities rather than excuses, Cyprus has a lot to give.

How does Cyprus compare to other countries as a destination for sports and business investments?

Cyprus is small in size but bighearted and well-founded. It’s a nation with extremely good legal stability and proximity to the European market, which are advantages. I’ve witnessed tangible improvement in the last five to seven years, particularly in openness to innovation. If Cyprus leverages its digital transformation and persists in forging partnerships with other countries and businesses, it can place itself ahead of most countries in the region. Here, you also get the opportunity to directly affect communities, which is a very unique thing.

Are you considering expanding your investment portfolio in Cyprus beyond football? If so, in which sectors?

Indeed, we’re already on it. We’ve invested in padel, tennis, shooting and golf, as well as in IT and digital innovation. Hospitality, education and sports tourism – and a medical centre – are in the pipeline for the future. Cyprus has everything needed to underpin these sectors: talent, location and lifestyle. We want to boost the broader economy while fortifying the ecosystem around our existing projects.

What advice would you offer to anyone looking to invest in football clubs or the sports industry in general?

You have to realise that sport is unique – it’s emotional, volatile and community-based to its very core. You must be patient, build trust and always see the bigger picture. There is no “quick fix” money in football; it requires genuine dedication and passion. The supporters must also support not only the club but the individuals behind it. My top tip? Start from the ground up – develop the infrastructure, get the correct culture in place and success will come.

Reflecting on your journey with Pafos FC and other ventures, what key lessons have you learned that will guide your future investment decisions?

I’ve learned the strength of resilience. Not everything goes as planned but, if you hold on to your values, have the right people around you and continue to learn, you’ll continue to grow. In football, as in life, you can never give up.