UPDATE 2-Czech lottery firm Sazka gets takeover offers

                                
 * Investment group makes own $157 mln offer for majority
                                
 * Creditor offers $56 mln for 100 pct stake in company
* Makes delayed 4 million-euro ($5.5 mln) principal payment
                                
 * Court appoints preliminary administrator
                                
 
 (Updates with new investor bid)
                                
 PRAGUE, Feb 21 (Reuters) - Czech lottery company Sazka has
received takeover offers from two investors, the latest
development in a battle for control of the indebted firm.
                                
 Investment group KKCG on Monday made a direct offer to
shareholders for a 2.8 billion crown ($156.8 million) capital
hike in Sazka in exchange for a 67 percent stake.
                                
 KKCG said its offer would guarantee 250 million crowns
annually for 15 years to sports unions which own Sazka.
                                
 Sazka's largest creditor, entrepreneur Radovan Vitek,
offered on Sunday to pay 1 billion crowns ($56.05 million) for a
100 percent stake in Sazka, plus a commitment to provide funding
for the sports unions in the coming years.
                                
 Sazka is the dominant Czech lottery company which has fallen
into debt mainly due to construction of an arena for the 2004
World Ice Hockey Championship. It is owned by Czech sports
unions who use its profits to fund sports.
                                
 Standard and Poor's has downgraded the firm to 'D', the
lowest rating.
Sazka said on Monday it had made a 4 million euro ($5.47
million) repayment on its 215 million-euro amortising bond
<CZ025854705=> due in 2021, after missing a payment date in
January when it only paid the coupon.
                                
 "The principal payment is one of the steps of strategic
cooperation with E-invest and Penta," Sazka said in a statement.
The company said earlier this month it had agreed with
financial groups Penta Investments and E-Invest on a
restructuring plan. [ID:nLDE716163]
                                
 Earlier on Monday, the Prague City Court said it had
appointed Josef Cupka to oversee the firm's dealings while the
court considered insolvency claims filed by creditors. 
                                
 "Sazka welcomes the City Court decision, because it is
convinced the preliminary administrator will confirm all has
been proceeding in line with law at Sazka," the company said.
 (Reporting by Jan Lopatka and Roman Gazdik. Editing by Jane
Merriman)