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SBD Global/July 31, 2012/Finance

German Second League Basketball Club Paderborn Baskets Files For Bankruptcy

German 2nd Basketball Bundesliga club Paderborn Baskets "filed for bankruptcy on Monday" after the decision was made by the club president and its shareholders on Friday, according to Jochem Schulze of Friday's decision came after a renewed check of the club's finances. Club President Wolfgang Walter said, "During this check we discovered a huge financial hole." The exact amount of this financial hole "was not announced." During the summer of '11 the club revealed a financial gap of €409,000. This amount had to have "drastically increased" since then. Walter said, "There was nothing we could have done." The consequence of Friday's decision is unforeseeable. Walter said, "The club's future is not in our hands anymore" (, 7/27
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