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Sturm Graz claiming insolvency
Austria - 24 October, 2006
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Austrian Bundesliga club Sturm Graz admitted it had filed for insolvency, but still would like to continue fulfilling their fixtures.
"We filed for insolvency this morning as well as for partial discharge of our debts and for a permit to continue playing," said a club employee, speaking on condition of anonymity.
The club, ready to celebrate its centennial in 2009, took part in the Champions League three seasons from 1998 through 2001, but said last November it had debts of EUR 5.7 million.
During a Sunday news conference, Sturm Graz President Hannes Kartnig announced the step and admitted the club had spent a lot of money, mentioning the transfer of Ghanaian Charles Amoah. The midfielder was a Sturm Graz' record signing when the club dished out EUR 3.9 million to secure his move from Swiss St Gallen in 2001.
"This must be the toughest step I have had to take in my entire career," Kartnig said. "I am not going to leave a sinking ship. I hope we will get out of that cul-de-sac."
State broadcaster ORF reported that a decision on whether the club could continue to play would be made in eight to ten days, citing the bankruptcy court.
Sturm Graz has been Austrian champions twice, in 1998 and 1999. They also won the Austrian Cup three times in the last decade, are currently sixth in the 10-team Austrian premier league.
"We filed for insolvency this morning as well as for partial discharge of our debts and for a permit to continue playing," said a club employee, speaking on condition of anonymity.
The club, ready to celebrate its centennial in 2009, took part in the Champions League three seasons from 1998 through 2001, but said last November it had debts of EUR 5.7 million.
During a Sunday news conference, Sturm Graz President Hannes Kartnig announced the step and admitted the club had spent a lot of money, mentioning the transfer of Ghanaian Charles Amoah. The midfielder was a Sturm Graz' record signing when the club dished out EUR 3.9 million to secure his move from Swiss St Gallen in 2001.
"This must be the toughest step I have had to take in my entire career," Kartnig said. "I am not going to leave a sinking ship. I hope we will get out of that cul-de-sac."
State broadcaster ORF reported that a decision on whether the club could continue to play would be made in eight to ten days, citing the bankruptcy court.
Sturm Graz has been Austrian champions twice, in 1998 and 1999. They also won the Austrian Cup three times in the last decade, are currently sixth in the 10-team Austrian premier league.
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