SBD Global/December 11, 2012/Finance

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  • City To Decide Future Of Indebted 3rd League Club VfL Osnabrück

    The Osnabrück city council Tuesday "will vote on a possible financial rescue plan for insolvency threatened German 3rd League football club VfL Osnabrück," according to the SID. The city council will make a decision about a €3.6M ($4.7M) loan for the club. Mayor Boris Pistorius said, "There is no guarantee that the VfL will make it, it is a risk for the city. However, it is justifiable because the club has deserved this chance." On Sunday, the majority of the club members voted for the spin-off of the club's football department and therefore fulfilled the city's requirement so it can get involved in the stadium operating company, which was founded by the club. The club lost €926,000 ($1.2M) during the '11-12 fiscal year and accumulated a total debt of about €9M ($11.6M) (SID, 12/10).

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