German Football Clubs On The Brink Of Liquidation, Aachen And Duisburg Run Out Of Time
German 3rd League club Alemannia Aachen and 2nd Bundesliga club MSV Duisburg "are in such deep financial trouble that it threatens the existence of both clubs," according to the KURIER. Aachen "will have to file for bankruptcy on Friday after several reconstruction attempts have failed." Lawyer Michael Mönig, who has been hired by the club to oversee the reconstruction attempts, said that "the club currently misses more than €4M ($5,1M)." Mönig said, "It is a huge liquidity gap. We can't continue with it anymore." Aachen wants to continue to play until the end of the season. Following the insolvency proceedings, Aachen "will start from scratch in the Regionalliga," which is the fourth-highest league in Germany. The main reason for the club's financial troubles "has been the construction of the new Tivoli-Stadium, which had a price tag of €50M and opened in the summer of '09." Another club that seems to have run out of time is the MSV Duisburg. The club "reportedly misses several million euros." In order to enter a rehabilitation concept by an investor group, Duisburg has to change its club statue, which can only be done with the approval of its members at an extraordinary member meeting (KURIER, 11/17).