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Business

Dortmund Live to Fight Another Day

Six-time German champions Borussia Dortmund avoided bankruptcy on Monday when Molsiris -- the company that owns a 94 percent stake in the Westfalen Stadium -- accepted their financial rescue package. Dortmund received the required 75 percent majority vote from Molsiris to save themselves from filing for insolvency, which would have ruined their chances of getting a licence from the German Football League (DFL). The application is due in the DFL headquarters on Tuesday. Molsiris agreed to the club's repayment plan and Dortmund's request to defer the annual €15 million ($20 million) repayments for 2005 and 2006. Dortmund, Germany's only publicly listed club, sold the Westfalen Stadium to Molsiris in 2002 and are leasing the 80,000-seat venue until 2017. The club expects to record debts of €134.7 million by mid 2006.

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