Career
After Hristo Stoichkov, he is considered the greatest Bulgarian football player of his generation. Today, fans still remember him as an exceptional player. The trio were known as the "magic triangle".
The year after he retired, Krasimir became assistant coach of the club he had just retired from, VfB Stuttgart.
He stayed in this position for two years before deciding to become a player-manager at VFC Plauen, where he remained for just a short time. He had been appointed on 16 January 2006 as a manager of Grasshopper Club Zürich to replace Hanspeter Latour who left for 1.
Football Club Kölane He had been appointed on 29 October 2007 as a manager of Football Club Saint Gallen to replace Rolf Fringer.
Three days before the season ended, he was fired by the club management. In December 2008, he became manager of PFC Chernomorets Burgas in his homeland, taking over from Dimitar Dimitrov, after also having considered an offer to coach the national team of his country.
On 6 December 2010, he was released from PFC Chernomorets Burgas after mutual consent, following a change in the long-term vision for the club by the owner Mitko Sabev. On 27 May 2011, it was announced that Balakov will take over the helm of Croatian club Hajduk Split.
On 22 March 2012, Balakov was appointed the manager of 1.
Football Club Kaiserslautern. He was sacked on 17 May 2012, after being unable to prevent Kaiserslautern"s relegation to 2. Bundesliga. Balakov made 92 appearances for Bulgaria, between 1988 and 2003 (one of the best totals in national history) and scored 16 goals.
Club International Individual.