Bayer Leverkusen Reaches Settlement With Teldafax Administrator

Bundesliga side Bayer Leverkusen "has reached a settlement with the administrator of its former shirt sponsor Teldafax," according to Matthias Kettenburg of SPONSORs. The club will pay €10.9M ($12.5M) plus interest to its former partner. The total including interest will be around €13M ($15M). Teldafax was the team's shirt sponsor from Aug. '07 until June '11 and paid an estimated €6M annually during that period. Following Teldafax's bankruptcy in Sept. '11, the company "filed a lawsuit against the club demanding the repayment of sponsorship money," €16M plus interest (around €18.5M). The administrator said that the club "should have known in '09 that the company was heading for bankruptcy." Therefore it "should pay back all sponsorship payments." The court in Cologne "suggested a settlement with Bayer paying back 50% percent of the money." Leverkusen said that the repayment will have no impact on its financial results as it made the necessary provisions over the past years (SPONSORs, 8/25).