Company Of Former Tennis Player Carl-Uwe Steeb, CharlySteeb, Files For Bankruptcy

The company of former Davis Cup winning German tennis player Carl-Uwe Steeb, CharlySteeb GmbH, "filed for bankruptcy on Thursday," according to DIE WELT. The company "is reportedly heavily indebted and insolvent." The company of the 45-year-old "took over the organization of the BMW Open in Munich" this year. The tournament "was supposed to be his breakthrough as a tournament organizer." However, Steeb's company "reportedly overran its own budget during the event." The CharlySteeb GmbH "had to use income from sponsorships and ticket sales to purchase external services such as equipping the whole facility and hospitality for VIP guests." The losses "were reportedly so high that neither Steeb nor his co-shareholders were able to, or wanted to balance the deficit with fresh money." Steeb owns 60% of the company, while the remaining 40% are held by three investors from south Germany (DIE WELT, 8/25).