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SBD Global/November 1, 2012/Franchises

Former Austrian Football Champion GAK Ceases Operation After 110 Years

An Austrian bankruptcy court "has decided that third-division football club GAK has to cease operation," according to Ulrike Jantschner of the KURIER. Friends and donors of the former Austrian football champion "have hoped until the end to somehow generate the €150,000 ($194,000) bond that would have allowed the club to continue play through sponsorships." The club already withdrew its professional team from competition on Monday, and the bankruptcy court's decision now also prohibits the club's amateur team to compete in the Regionalliga. Former GAK President Benni Bittmann resigned from his position and filed for bankruptcy in mid-October. Bittmann said, "Old liabilities have caught up with us." The club has liabilities of €4.5M ($5.8M). Bittmann added, "I have no desire to stand trial for delaying to file bankruptcy in 10 years." The GAK will dissolve after 110 years of existence (KURIER, 10/30).
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