The famous German club has started bankruptcy proceedings
Today, June 15, the famous German club “Kaiserslautern” has begun bankruptcy procedure.
The club has debts amounting to 20 million euros, 5 of which appeared over the last year. To pay the bills, the club can not.
“Kaiserlautern” failed to negotiate with creditors about debt restructuring. If they manage to do that, the bankruptcy procedure is stopped.
Despite the bankruptcy, “Kaiserslautern” will not cease to exist. The club will continue to compete in the third division of German football and will not get the 9 points penalty- the rule was abolished due to pandemic coronavirus.
“Kaiserslautern” is a 4-time German champion (1951, 1953, 1991 and 1998), however, is not acting in the Bundesliga in 2012.
