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SBD Global/November 1, 2012/Finance

Third League Club Alemannia Aachen Avoided Bankruptcy For The Time Being

German 3rd League club Alemannia Aachen "has avoided bankruptcy for the time being," according to the DPA. The club revealed Wednesday that somebody "from within the club" stepped up as a financial backer. The club has a reported deficit of €3.9M ($5.1M), which means it had to find €2M ($2.6M) to stay afloat. In addition, Aachen has "parted ways with club CEO Frithjof Kaemer." Aachen Sport Dir Uwe Scherr "will takeover his position on an interim basis." The former Bundesliga club "will present a new economic concept in the short term." Aachen Chair Meino Heyen said, "We have a huge mess on our hands, money is missing everywhere. The new season started with financial losses, which put us in the situation that we are in right now, which is almost bankrupt" (DPA, 10/31).
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