According to the German newspapers, FC Kaiserslautern would apply for insolvency in great economic difficulty. For the past two years the club, where Yuri Djorkaeff and Miroslav Klose played, has played in the third division.
An endangered monument. The legendary German Football club FC Kaiserslautern is planning to apply for bankruptcy. According to media reports Kicker And Swr, its debt level amounts to around €24 million, and an application for bankruptcy will be made at the local court in Kaiserslautern this week. A radical but necessary decision, no investor has come forward to fill the club’s enormous financial hole.
This process would require the reconstruction of Kaiserslautern and would have no immediate sporting consequences. The club could continue playing in this championship next season at present in the third division. The German federation has decided for this year, due to the coronavirus crisis and its economic consequences, not to sanction the teams – for example, by withdrawing points – who would have to file the balance sheet.
“The conditions for professional clubs over-indebted to declare themselves bankrupt have never been better. The first club to take that direction is the FC Kaiserslautern. It is probably not the last, “says SWR, who nonetheless points out that the club will not be able to survive without new capital from investors.
Four-time German champion (1951, 1953, 1991 and 1998 Kaiserslautern and a two-time semi-finalist of the UEFA Cup (1982-2001), Kaiserslautern included Michael Ballack (1997-1999), Yuri Djorkaeff (1999-2002), and Miroslav Klose (1999-2004). The club was relegated to D3 in 2012 down in D2 for the first time in its history, two years ago.
The club, which on June 2 celebrated its 120th birthday, became Germany’s champion 4 times, won the German Cup 2 times, and 1 time- the German Super Cup.
The coronavirus crisis has further exacerbated its economic difficulties