© EuroFootball.com
The German football club Borussia Dortmund, which was on the brink of bankruptcy, narrowly avoided financial collapse and secured its future existence.
On Monday in Dusseldorf, an extraordinary meeting of the club's management with investors took place, during which a six-time reorganization program of the German champion was agreed upon.
The main sponsor of the club became the "Kommerzbank" fund, which owns the team's home arena - the "Westfalen" stadium. Now Borussia's team only needs to obtain a license to play in the Bundesliga next year, as the main obstacle - the lack of a crisis exit plan for the club - has already been overcome.
However, the current financial situation of Borussia still remains very challenging. From July to December 2004, AB "Borussia Dortmund GMBH und Ko. KGaA" suffered losses of 30.8 million euros, while during the same period in 2003, a profit of 29.4 million euros was made. If the reorganization measures do not yield the expected effect, by June 30, 2006, the losses could reach 134.7 million euros.
The government of North Rhine-Westphalia has already stated that it is ready to support the club and guarantee the salaries of high-performance players with budget funds.
