Dortmund seeking massive loan deal

Startbeitrag von jonam am 22.12.2003 16:57

DORTMUND, Germany --Bundesliga club Borussia Dortmund is seeking a
multi-million-euro loan from a British-based investment bank to plug huge
losses this season.

The club has confirmed German media reports that it was seeking a loan
but said speculation that the amount was between 80 and 100 million euros
($99-124m) was incorrect.

Commercial manager Michael Meier also denied in Monday's Bild
newspaper reports that the club was facing financial ruin. A news conference
was to be held later in the day.

The daily broadsheet Sueddeutsche Zeitung reported Monday that
Dortmund was facing a "financial crash" with an estimated loss this season
of 50m euros.

Both the newspaper and Kicker sports magazine claimed Dortmund had
approached the U.S.-British investment house Schechter & Co in a bid to ease
financial problems.

Dortmund, the only Bundesliga club quoted on the stock market, would
secure the loan with its gate revenues for the next 12 years, the reports

The club has lost revenue this season after early elimination from
both the Champions League and the UEFA Cup, and like other clubs has
suffered from the collapse of television income.

After Dortmund crashed out of the Champions League, players were asked
to take a 20-percent pay cut.

Meier told Bild newspaper the club expected losses this year, but
added: "It is normal in business for companies to seek loans when they have
financial shortages."

source: []

More on this in a couple of days when our inquiries are finished and formed to an article!


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