Borussia Dortmund reached creditor agreement

The 1.Bundesliga club has announced it has agreed a rescue plan with its creditors in order to avoid bankruptcy. "The agreement requires that the fund investors approve the proposed restructuring for the Westfalen stadium," the club said in a statement, calling the agreement a "further important step towards realizing the rescue plan." Club officials have now met with almost all of the banks involved to discuss a rescue plan. "I think this will help to get the two creditors involved who haven't said yes yet," Jochen Roelfs, an auditor appointed to help with the overhaul said. Roelfs added that talks were expected to continue until next week. The club has already received a debt moratorium until 2006/07 and short-term loans to help pay salaries for players - but still needs to buy back its Westfalen stadium, for which it has failed to pay rent since the start of the year. According to reports the club needed €10m until the end of the 2004/05 season to stay in business.

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