Borussia Dortmund are in a “life-threatening” financial situation, the Bundesliga club said on Thursday.
“Borussia Dortmund has entered a life-threatening profitability and financial situation,” the 95-year-old club said in a statement.
“The approval of all creditors is necessary for the complete execution of the restructuring concept…the overwhelming majority have confirmed their approval.”
The club said talks were ongoing with three creditors and needed a debt moratorium until at least the 2006-07 tax year if they weere to continue trading.
Borussia confirmed that without a restructuring of its debt, it expected its record debt to increase to €134.7m by mid-2006.
The club posted an operating loss of €27.2 million euros in the first half of the 2004/05 financial year.