Dortmund are saved by rescue plan
FRANKFURT, Germany -- Debt-ridden Borussia Dortmund have won a stay of execution after investors in the fund that controls their tadium approved a rescue plan.
The plan will allow Borussia to buy back a stake in the Westfalen stadium, which they had sold to Commerzbank.
They had been unable to pay rent for the stadium since the start of the year and faced insolvency.
The 2002 champions will also receive a net cash inflow of nine million euros ($12 million) under the deal, in which the club will buy back 42.8 percent of the 95-percent stake owned by real estate fund Molsiris
Molsiris, set up by Commerzbank's Commerzleasing unit, will release a security deposit of almost 52 million euros paid to it by Borussia, enabling the club to pay the 42.85 million euro price for the stadium shareholding.
Borussia, Germany's only listed club, will also have a significant reduction in the rent they pay for the stadium.
Borussia had amassed debts of around 100 million euros despite regularly attracting more than 70,000 fans to their home games.
In Feburary,chief executive Gerd Niebaum resigned after the club posted record losses in 2004, introduced pay cuts for players and staff, and fired employees.
Borussia are currently 12th in the 18-team Bundeliga.
