Hoping To Reduce Debt, 2nd Bundesliga Club FC Cologne Wants To Sell Bonds

German 2nd Bundesliga club FC Cologne revealed that it is "heading for financial disaster" as the club lost €8.9M ($10.8M) during the '10-11 fiscal year, according to Alexander Haubrichs of the EXPRESS. In order to fill this financial gap, the club is contemplating issuing "million-bonds." The club calculates that the bonds "will bring in" between €5M ($6.1M) and €12.5M ($15.2M) with 6% interest. Cologne, which finished 17th in the Bundesliga last season and therefore was relegated to the 2nd Bundesliga, has an estimated debt of €31M ($37.7M) (EXPRESS, 7/20). The EXPRESS also reported that FC Cologne Exec Dir Claus Horstmann tried to clarify the clubs financial situation. Horstmann said, "Last year -- which will be shown in next year's financial statement -- we were able to noticeably decrease our liabilities. Our problem is that we have been relegated, and the resulting revenue loss of about €20M ($24.3M). Otherwise we would be on a good path. Now we have to take the situation as it is" (EXPRESS, 7/21).