Dortmund Survive

Former Champions League winners Borussia Dortmund avoided bankruptcy yesterday when Molsiris - the company that owns a 94 percent stake of the Westfalen Stadion - accepted their financial rescue package.Former Champions League winners Borussia Dortmund avoided bankruptcy yesterday when Molsiris - the company that owns a 94 percent stake of the Westfalen Stadion - accepted their financial rescue package.

The six-time German champions received the required 75 percent majority vote from Molsiris to save themselves from filing for bankruptcy, which would have ruined their chances of gaining a licence from the German Football League (DFL). The application is due in the DFL headquarters today.

Dortmund’s sporting director Michael Zorc said “It was very tense and I cannot describe the relief. Now we can begin to concentrate on football.”

It was described as the ‘biggest day in the club’s history’ and Dortmund live to fight another day with Molsiris agreeing to the club’s repayment plan.

The 2002 Bundesliga champions’ financial problems can be traced back to huge gambles on player transfers and wages in the hope that the club would be playing regularly in the Champions League which they won in 1997.

Dortmund have been paying £11.8million per annum for the use of the stadium, but have now been given the green light to re-purchase it for £30million.

The club immediately announced a new £1.4m sponsorship deal with internet-based company GoYellow while local energy operators e.on, Dortmund’s current shirt sponsors, may be approached regarding a stadium sponsorship.

Dortmund currently have debts in the region of £70million and are still trimming the wage bill with several big names due to leave in the summer.

The club’s long term future now depends on the work of coach Bert van Marwijk and the team on the pitch as they aim to return to the heights of eight years ago.

Dortmund are not short of support. They have averaged a crowd of 76,708 for their home matches this season.