By David Gold
June 2 – 1860 Munich has been saved from insolvency by a Jordanian investor, who has bought 49 per cent of the German side.
Hasan Ismaik has reportedly paid €18 million (£15.7 million/$26 million) for his stake, which means the club can compete in the Second Division next season – the sale went through just in time for 1860 to be granted a licence to play in the league.
However Ismaik could only purchase a 49 per cent stake because German league rules prevent foreign owners from becoming majority shareholders in their teams.
The club has been in severe financial difficulties for several years, and in 2006 were forced to sell the 50 per cent share of the Allianz Arena stadium they owned to Bayern Munich, their fierce rivals who owned the remaining shares in the ground.
One of the founding members of the Bundesliga in 1963, the club have been playing in the second tier of German football in recent years.
The club’s chief executive Robert Schaefer said in a statement: “With the signature of the contracts Hasan Ismaik now has 49 per cent of Munich 1860
“We will now hand in the complete documents for the licence on time to the German football league.”
Contact the writer of this story at zib.l1734780919labto1734780919ofdlr1734780919owedi1734780919sni@d1734780919log.d1734780919ivad1734780919
Related stories
March 2011: Beckenbauer calls for investment as 1860 Munich face bankruptcy