Dortmund strike deal to buy back stadium
Six-time German champions Borussia Dortmund have taken an important step towards financial stability when they reached a deal to buy back their stadium from the Molsiris group, who had been leasing the venue since 2004.
Dortmund have agreed to pay Molsiris, part of the Commerzbank, 57.2 million euros for a majority 51.2 percent stake in the stadium. The club received 22 million euros from US investment bank Morgan Stanley to finance the deal.
“This is an important step in Dortmund’s financial reconstruction,” Dortmund business leader Hans-Joachim Watzke said Monday.
In October 2000 Dortmund became the first German club to float on the stock market but foolishly gambled on playing regular Champions League football.
The 1997 Champions League winners now have estimated debts of 134.7 million euros (175.5 million dollars) and narrowly avoided bankruptcy in March of this year.
The club were forced to sell the name to their Westfalen Stadium to stay afloat with the venue now called the Signal Iduna Park.
Dortmund’s 83,000 capacity stadium is one of the 12 World Cup venues hosting six matches at the finals.
Source:Soccer News
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