Borussia Dortmund have averted the threat of bankruptcy when Molsiris – the company that owns a 94 percent stake of the Westfalen Stadium – accepted their financial rescue package.
Dortmund received the backing, meaning they will not have to file for bankruptcy, which would have ruined their chances of gaining a licence from the German Football League (DFL).
Molsiris agreed to the club’s repayment plan and Dortmund’s request to defer the annual €15m repayments for 2005 and 2006.
Dortmund, Germany’s only publicly-listed club, sold their Westfalen Stadium to Molsiris in 2002 and are leasing the ground until 2017.
The club expects to record debts of €134.7m by mid-2006.