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Former Austrian champions Graco "Sturm" face bankruptcy. The club itself announced this on Monday, revealing that debts amount to more than 8 million euros.
"Today we submitted documents regarding insolvency and unpaid debts, but we requested permission to play matches," said an unnamed club representative on Monday.
The Austrian club, which participated in the UEFA Champions League for three seasons from 1998 to 2001, then spent heavily on new players. Last November, they reported having a debt of 5.7 million euros.
According to information provided on the club's website, "Sturm" has debts totaling 8.6 million euros. The club's assets are valued at about 3.4 million euros.
During a press conference held on Sunday, "Sturm" president Hannes Kartnig stated that the club spent a lot of money since entering the UEFA Champions League and highlighted the acquisition of Ghana national team defender Charles Amoah.
In 2001, G. Amoah became the most expensive "Sturm" acquisition of all time when he moved from Switzerland's "St Gallen" for 3.9 million euros.
Austrian television channel ORF reported that a decision regarding the club's fate will be made within ten days.
Celebrating its centennial in 2009, the club won the Austrian championship in 1998 and 1999, as well as the national cup three times in the last decade.
In the current Austrian championship with ten teams, Graco "Sturm" occupies sixth place.
