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SBD Global/January 28, 2013/Finance

German Hockey League Club Dusseldorf EG Threatened With Bankruptcy, Needs $3.2M

German Hockey League (DEL) club Dusseldorf EG, one of Germany's most-historic hockey clubs, "is in deep financial trouble and threatened with bankruptcy," according to the DPA. The eight-time champion needs €2.4M ($3.2M) to cover its budget of about €4M ($5.4M) for the upcoming season. The club wants to pay the licensing fee of €100,000 ($134,600) for the '13-14 season on Feb. 15. DEG Managing Dir Elmar Schmellenkamp said, "With this payment, we, for now, will fulfill the formal requirements to start in the upcoming season." However, the payment "requires the approval of the shareholders of the club." Since the withdrawal of large-scale investor Metro, the club has been unsuccessfully "looking for new sponsorships and investors." The historic club is currently at the bottom of the DEL table (DPA, 1/26).
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