MÜNCHEN, Apr 29 (SW) - Bayern München saved their local rival 1860 München from going into insolvency by buying their rival’s share in the Allianz Arena, home to both clubs’ matches.
“If I had not taken this step I would have ended up in jail by next week or the club would have gone bankrupt. In this case we wouldn’t have been able to receive the license from the FA to compete in the league”, said the new ‘Lions’-boss Stefan Ziffzer at a common news conference of the two clubs.
He added: “The financial future of 1860 has long been in jeopardy.”
The deal between the two clubs is the following: Bayern pays in monthly installments for the shares of 1860 in the Allianz Arena worth 11 million Euro. With this move, Bayern will be the lone owner of the Allianz Arena.
Their rivals have four years to somehow pay back the amount, albeit with interest rates ranging up to 6,5 percent. On top of this, 1860 have been given time to pay off their stadium rents, though these amounts also have to be paid back at a future point in time.
To make matters even worse, 1860’s main sponsor ‘Festina’ decided to quit every kind of business partnership with the club from next season on.
“This is painful. We have just saved the club from bankrupcy and 30 minutes later there is another impossible-looking obstacle to tackle” commented the shell-shocked managing director, Ziffzer.
Bayern München’s director of board Karl-Heinz Rummenigge stressed that the financial transaction was not an act of sportsmanship from his club’s side: “We had to choose between two bad choices. We chose the less worse.”
Bayern München need 1860 to survive as the 340 million Euro-price of the the Allianz Arena will only be paid back in time if both clubs can expect reasonable gate receipt revenues from their matches in the following years.
1860 München are currently 12th in the second Bundesliga struggling to avoid relegation.
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