Schalke not bankrupt insists Magath

October 25, 2009

Schalke 04’s coach Felix Magath insisted on Sunday the Royal Blues are not in danger of bankruptcy despite reported rising debts of nearly 300 million euros which must be explained to Bundesliga bosses.

German broadsheet Die Welt on Sunday has been leaked documents claiming the Gelsenkirchen-based club have debts of around 280 million euros, but Magath insisted nothing is wrong as his side prepare to play Hamburg on Sunday.

“This is all silly stuff: these old, old things have already been discussed over and over again: it’s the same thing,” said Magath having joined Schalke in June after coaching Wolfsburg to the German league title last season.

“Nobody here has anything to hide.”

The club are expected to reply formally to die Welt’s claims after Sunday evening’s game at their Veltins Arena stadium against Hamburg.

It was widely reported at the start of the season that Schalke are 136.5 million euros in debt, but die Welt are claiming the actual scale of the problem is more than double.

Schalke must explain their financial situation to the German Football League (DFL) at the end of October to have their Bundesliga licence renewed and the DFL refused to comment on the issue on Sunday.

BERLIN (AFP)

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