SK Sturm Graz in heavy debts

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The Bundesliga club failed to elect a new president at a turbulent annual general meeting as the club unveiled a EU 2m hole in its finances that needs to be filled by next northern summer.

Club vice president Karl Platzer abruptly pulled out of the race to succeed Hannes Kartnig just before the general meeting, saying in a statement that the club had more debt than he had known before.

With no other candidates coming forward, Kartnig has agreed to stay on as president of the club, who are languishing in seventh place in the 10-team league, at least until an emergency general meeting to elect a new board.

The club's board will meet to discuss how to raise the money it needs to keep running, said Adolf Klementschitsch, the board member responsible for finances. The club's total debt is about EU 5.7m. At the meeting auditor Peter Imre presented a financial review of the club, which has spent heavily on players, including France's Franck Silvestre, after its Champions League campaign three years ago.

"The club needs a capital injection of around EU 2m until the summer of 2006," Klementschitsch said. "It's obvious that we need a restructuring plan, and that we need to cut costs."