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Fraud charges dropped against Schalke
Germany - 29 December, 2006
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Charges of accounting fraud were dropped Wednesday against German Schalke.
The club was accused of buying its old stadium for EUR 1.
The district attorney's office dropped an investigation into whether Schalke's home city of Gelsenkirchen had acted against the public interest by selling Parkstadion that low in 2003.
City officials said Parkstadion was sold cheaply because it was too expensive to maintain.
Schalke was rumored to be near bankruptcy after building an expensive stadium. The club was accused of hiding a financial crisis by listing Parkstadion at an inflated value.
But there has been no evidence since that it had been in financial trouble. In October, Schalke signed one of the most lucrative sponsorship deals in Bundesliga history with Russian oil giant Gazprom.
The club was accused of buying its old stadium for EUR 1.
The district attorney's office dropped an investigation into whether Schalke's home city of Gelsenkirchen had acted against the public interest by selling Parkstadion that low in 2003.
City officials said Parkstadion was sold cheaply because it was too expensive to maintain.
Schalke was rumored to be near bankruptcy after building an expensive stadium. The club was accused of hiding a financial crisis by listing Parkstadion at an inflated value.
But there has been no evidence since that it had been in financial trouble. In October, Schalke signed one of the most lucrative sponsorship deals in Bundesliga history with Russian oil giant Gazprom.
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