Duisburg City Council Agrees To Buy Stadium Shares For $693,500 To Help Indebted Club
German 3rd League football club MSV Duisburg "has to thank the city's good will that it can hope for a financial recovery," according to the SID. The city council "agreed to purchase stadium shares" for €504,000 ($693,500). The city "therefore now owns more than 50.1% of the stadium project corporation." The club benefits from this decision as its stadium rent decreases from €3.6M ($4.95M) to €900,000 ($1.2M). However, the measure "is bound to several requirements." Those include "cutting the debt to all its creditors and getting granted a license for the 3rd League." City Treasurer Peter Langner said, "No public money will be used to save the club's professional football department" (SID, 2/18).