CEO resigns from troubled Borussia Dortmund

9th February 2005, Comments 0 comments

9 February 2005, DORTMUND - Gerd Niebaum has resigned from his position as CEO of troubled Bundesliga club Borussia Dortmund, the publicly listed club announced on Wednesday. Dortmund have reportedly found a new investor in the form of a local bank, Westdeutsche Landesbank (WestLB), which is apparently looking into providing EUR 110 million for the former Bundesliga and Champions League winners. However, sources say WestLB will only step forward once former club boss Niebaum and club manager Michael Maier

9 February 2005

DORTMUND - Gerd Niebaum has resigned from his position as CEO of troubled Bundesliga club Borussia Dortmund, the publicly listed club announced on Wednesday.

Dortmund have reportedly found a new investor in the form of a local bank, Westdeutsche Landesbank (WestLB), which is apparently looking into providing EUR 110 million for the former Bundesliga and Champions League winners.

However, sources say WestLB will only step forward once former club boss Niebaum and club manager Michael Maier are removed from the leadership.

Dortmund amassed debts of almost EUR 100 million during their reign.

DPA

Subject: German news

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