Sponsors Rescue German Handball Club From Bankruptcy
Bundesliga handball club TBV Lemgo was "rescued from financial ruin" by its new title sponsor itelligence AG, according to Julian Meißner of SPORT1.de. TBV Chair Siegfried Haverkamp said, "The club stood with its back to the wall." TBV Lemgo Exec Dir Volker Zerbe added, "Due to the loss of several sponsorship deals the club found itself in a difficult situation. We had to bridge a financial gap of €1M ($1.2M)." This is a fifth of the club's annual budget of €5M ($6.1M). In addition to itelligence AG, which will be represented on the team's jerseys next season, several local businesses contributed to save the team. Lippe County, where TBV Lemgo is located, announced that it will forgo revenue of €220,000 ($279,000) that it would have received as rent for the arena (SPORT1.de, 7/13).