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Türkgücü Munich files for bankruptcy



Türkgücü Munich files for bankruptcy

Third division club Türkgücü Munich filed for bankruptcy on Monday. This is based on documents from the Munich district court.

Up until the day the application was submitted, we tried everything in our power to avert this step,” said Managing Director Max Kothny.

In the past few days there had already been rumors about the insolvency of the Munich club due to a financial gap of two million euros.

According to the DFB statutes, Türkgücü is now threatened with a deduction of nine points for the current season. The ambitious club, which wanted to be promoted to the 2nd Bundesliga by 2023 at the latest, would fall back to last place in the 3rd Division.

According to the current status, the gap to a non-relegation zone is ten points. It is still unclear whether the game can be continued.

Türkgücü was on the brink of collapse more than a year ago after investor and President Hasan Kivran initially withdrew and then changed his mind four weeks later. It seems that the 55-year-old has now announced his final retirement. According to media information, the January salaries for the professionals are still pending.

Türkgücü Munich before descent

“Even if that unfortunately didn’t work out, it is now important to see the situation not as the end, but as an opportunity. We now have the opportunity to realign ourselves without burdens from the past and with the help of possible new, strong sponsors”. said Kothny. In which league a new structure can take place depends on sporting and financial factors.

In the course of the process of re-licensing Türkgücü München Fußball GmbH & Co. KGaA for the 3rd division, a necessary financial requirement was identified, “which should have been offset by shareholder funds,” the club announced on Monday: “After initially promised shareholder funds were not flowed, the step of filing for the opening of insolvency proceedings became unavoidable.”