SBD Global/April 24, 2013/Finance
Investor Hasan Ismaik Cancels Loans To Second Bundesliga Side 1860 Munich
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Second Bundesliga 1860 Munich investor Hasan Ismaik "has come through with his threats and canceled all his loans to the club with immediate effect," according to the SÜDDEUTSCHE ZEITUNG. Without Ismaik's loans "the club will likely have to file for bankruptcy." In a letter to the club, Ismaik said he "had no other choice." Ismaik reclaims the almost €10M ($13M) in loans he gave the club. The cooperation between the club and its Jordanian investor "is about to fold, and the club is theatened with bankruptcy." In the letter from Ismaik's Munich lawyers to club Managing Dir Robert Schäfer, the investor reclaims a total of €9.3M ($12.1M) from three individual loan contracts. However, Ismaik is willing "to renegotiate about a renewed financial involvement" if the club is willing to resturcture itself personnel-wise (SÜDDEUTSCHE ZEITUNG, 4/23