Rummenigge suspects string of bankruptcies

It appears as though German powerhouse Bundesliga may be capable of surviving the global crisis affecting football worldwide, but the club may prove to sit in the minority. In response to the troubles invading clubs of all levels, Bayern Munich chairman Karl-Heinz Rummenigge recently came forward to suggest that a series of bankruptcies could be just around the corner for European clubs.

During an interview with Sueddeutsche Zeitung, Rummenigge advised that a number of clubs are currently on the verge of bankruptcy, including those based in Spain and Italy as well. As pointed out by the Deutdche Welle, even English Chelsea is prepared to sign less players this season, as Roman Abramovich attempts to battle declining financial circumstances.

Rummenigge went on to identify France and Germany as two of the stronger contenders in the fight against economic decline, on account of stricter licensing rules. The Bayern Munich head indicated that while the future cannot be predicted, it is important to be ready for unforeseen obstacles.

German Soccer League (DFL) Vice-President Peter Peters provided his comments as well, stating that the soccer business “can no longer reckon with growth”. Bayer Leverkusen is just one of the clubs to feel the weight of financial changes, with the club attempting to unload more than 2,000 business seats when its new stadium opens mid-year.

The economic crisis is wreaking havoc on lower league clubs, who cannot afford to take advantage of transfer windows as in the past. With only 45 new players signed in the third division this year, Struttgarter Kickers President Dirk Eichebaum described the league’s current situation as a “financial shootout”.

Remaining optimistic is Borussia Dortmund CEO Hans-Joachim Watzke, who indicated that the club was fortunate to have resolved EUR 50 million in debt before the crisis began. Watze admitted that such a feat would not have been possible now, further noting that contract extensions with large sponsor also helped to bring Borussia Dortmund to a comfortable place.