Kaiserslautern Declared Insolvent

[ScoRoss]

1998 Bundesliga Champions, currently in the third tier.

[Stan]

Wow  

Sad news.

[Rucksackfranzose]

8 minutes ago, Stan said:

Wow  

Sad news.

Not too sad, that prolly means they will be deducted 9 points next season and have to sell their best players to survive in 3.Liga. This might mean one relegation spot in next season's 3.Liga is expected to be taken and we have good odds to trash our old foe twice.

What's not to like about it?

[Stan]

12 minutes ago, Rucksackfranzose said:

What's not to like about it?

I misunderstood - I thought they were going bust and not exist any more.

[nudge]

That's actually a clever move by Kaiserslautern... Considering that there is no points penalty due to the corona crisis this season (and only 3 points instead of the usual 9 next season, I believe), this is the best time for them to do it. This is what is referred to as "planned insolvency" -  the club seeks insolvency proceedings within self-administration, meaning that the current board can remain in office and continue to run the Kapitalgesellschaft, and the contracts of coaches, players and staff also remain valid. The goal of this process is to restructure and clean up. I believe they already have interested creditor parties/new lendors who are willing to step up once the club is restructured and some debt is written off.

[nudge]

And by the way, Karlsruhe are thinking about doing the same...

[Michael]

2 hours ago, Rucksackfranzose said:

Not too sad, that prolly means they will be deducted 9 points next season and have to sell their best players to survive in 3.Liga. This might mean one relegation spot in next season's 3.Liga is expected to be taken and we have good odds to trash our old foe twice.

What's not to like about it?

Fritz Walter must be turning in his grave. 

[Rucksackfranzose]

25 minutes ago, Michael said:

Fritz Walter must be turning in his grave. 

I'm trying to leave my bias out of the next statement: much of Lautern's financial turmoil, derives from their hubris of wanting to have a 2006 WC stadium and playing in it. This hubris itself arose from exaggerated self-esteem as a important part of Germany's football history,  this self-esteem emerged because of that successful and great team in the 50's. Fritz Walter, as likeable and modest as he was, kind of led indirectly to the issues Lautern face now.

[Faithcore]

It's a joke and a disgrace that Kaiserslautern is probably once again getting away with all of their financial mismanagement.

The idea of not having the points penalty should be for clubs directly affected by the crisis, whereas Kaiserslautern has practically been insolvent for years.

In my opinion, the DFB should intervene here, or certainly should have set up a more differentiated rule.

I hope that this will at least cause a big loss of confidence among the  current sponsors and fans (who are also involved through a bond). But it seems as if there are already new interested parties to sink their money in the club. Ridiculous.

[True Blue]

11 hours ago, Stan said:

I misunderstood - I thought they were going bust and not exist any more.

I thought the same