German football clubs owe EUR 698m

24th February 2005, Comments 0 comments

25 February 2005 , DUSSELDORF - The 36 first and second division German clubs owe a total of EUR 698 million between them, the German football league (DFL) revealed. The DFL released the figures in response to a report in Kicker sports magazine which put the total debt at around EUR 800 million. "The first and second division Bundesliga clubs and their corporations have got over their troughs and are well positioned in the longterm," said Wilfried Staub, chairman of the DFL, in a statement. Staub added tha

25 February 2005

DUSSELDORF - The 36 first and second division German clubs owe a total of EUR 698 million between them, the German football league (DFL) revealed.

The DFL released the figures in response to a report in Kicker sports magazine which put the total debt at around EUR 800 million.

"The first and second division Bundesliga clubs and their corporations have got over their troughs and are well positioned in the longterm," said Wilfried Staub, chairman of the DFL, in a statement.

Staub added that German football had learned from the collapse of the Kirch media empire although the turnover from football has sunk from EUR 1.358 billion to EUR 1.275 billion due mainly to reduced income from international competitions.

The DFL statement also comes in the wake of financial magazine Focus Money reporting on Wednesday that Bundesliga joint leaders Schalke had estimated operating losses for the 2004 business year of EUR 17 million while total debts on 31 December stood at EUR 110 million on a turnover of EUR 94 million.

Last week, Borussia Dortmund, Germany's only publicly-listed football club, admitted it was on the brink of bankruptcy with record debts of 67 million euros in fiscal 2004 and an operating loss of another EUR 27.2 million in the first half of this fiscal year.

DPA

Subject: German news

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