Borussia Dortmund on brink of financial disaster

17th February 2005, Comments 0 comments

17 February 2005, DORTMUND - Former European football champions, Borussia Dortmund, Germany's only publicly-listed club, warned in a statement on Thursday that its finances were in dire condition. The heavily-indebted first-division club said it was in an "existence-threatening earnings and financial situation". The ad hoc statement to markets said Borussia Dortmund still hoped to find a solution to its problems. "Due to its extremely thin financial means the club is in constant, and in the view of managem

17 February 2005

DORTMUND - Former European football champions, Borussia Dortmund, Germany's only publicly-listed club, warned in a statement on Thursday that its finances were in dire condition.

The heavily-indebted first-division club said it was in an "existence-threatening earnings and financial situation".

The ad hoc statement to markets said Borussia Dortmund still hoped to find a solution to its problems.

"Due to its extremely thin financial means the club is in constant, and in the view of management, constructive dialogue with creditors in order to permanently overcome the current straits," Borussia Dortmund said.

The statement came two days after Dortmund named Hans-Joachim Watzke to the Borussia Dortmund GmbH & Co. company.

The appointment came after the previous week's resignation of club president Gerd Niebaum.

In fiscal 2004, Borussia Dortmund lost EUR 67.7 million. The club's financing was thrown off balance by a downturn in the team's fortunes on the field, including an early elimination from the lucrative Champions League competition.

DPA

 

Subject: German news

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