• Monday, Jul 13, 2020
  • Last Update : 02:02 pm

Coronavirus could bankrupt German FA, warns treasurer

  • Published at 07:53 pm May 26th, 2020
bundesliga

"The DFB is in the deepest economic crisis of the recent past," said Osnabruegge at the German FA's virtual extraordinary meeting

The coronavirus crisis could "potentially threaten" the existence of the German Football Association (DFB), its treasurer Stephan Osnabruegge warned Monday.

"The DFB is in the deepest economic crisis of the recent past," said Osnabruegge at the German FA's virtual extraordinary meeting.

He said "far-reaching cuts" must be made to avoid a worst-case scenario, which would see the DFB receiving 96.5 million euros ($105.1 million) less than planned this year, resulting in a forecasted loss of 77 million euros.


All but 13.8 million euros of that figure would be covered by the governing body's financial reserves.

However, the DFB would then be expected to avoid bankruptcy due to the equity capital it has available. 

The German FA is eager to avoid laying off jobs, but some staff have been put on reduced hours since May 1.

Planned wage increases have been suspended and the German FA's management has agreed to reduced salaries of between 10 and 30 percent.

According to 2019 figures, the German FA has 7.1 million members, with 149,735 registered teams playing in 24,544 clubs.

It is the biggest sports body in Germany.

While professional football was allowed to resume in the Bundesliga 10 days ago, the lower leagues were halted in early March due to the virus outbreak.


51
50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail