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Bayern Munich purchase TSV 1860 Munich arena stake
Germany - 28 April, 2006
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Bayern Munich purchased TSV 1860 Munich’s stake in the new Allianz Arena for EUR 11 million in an effort to save the latter club from the threat of bankruptcy.
Under the deal, TSV 1860 Munich retains the right to buy back its share for EUR 11 million plus interest any time before June 2010.
“With this we've avoided insolvency,” TSV 1860 Munich managing director Stefan Ziffze said.
Bayern Munich and TSV 1860 Munich co-owned the stadium, which was built for around EUR 300 million. The arena will host the opening match of the FIFA 2006 World Cup. The smaller club’s hopes of promotion back to the Bundesliga faded and it might be demoted to the Third Division.
Bayern Munich chairman Karl-Heinz Rummenigge said the move was not made out of pity.
“This was not done because of brotherhood or sympathy,” he said. “It's in our own self-interest.”
Under the deal, TSV 1860 Munich retains the right to buy back its share for EUR 11 million plus interest any time before June 2010.
“With this we've avoided insolvency,” TSV 1860 Munich managing director Stefan Ziffze said.
Bayern Munich and TSV 1860 Munich co-owned the stadium, which was built for around EUR 300 million. The arena will host the opening match of the FIFA 2006 World Cup. The smaller club’s hopes of promotion back to the Bundesliga faded and it might be demoted to the Third Division.
Bayern Munich chairman Karl-Heinz Rummenigge said the move was not made out of pity.
“This was not done because of brotherhood or sympathy,” he said. “It's in our own self-interest.”
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