Initial Situation
The first team of the soccer club with a long tradition and roots going back to 1893 played in the Regionalliga in the 2017/2018 season. In June 2017, however, the financial deficit was higher than the income, and despite solidarity actions by fans and supporters, the funds required to balance out the deficit were lacking.
In June 2017, despite solidarity actions by fans and supporters, the funds required to balance out the existing deficit and simultaneously to finance the current season were lacking; a petition for insolvency had to be filed.
The Insolvency Proceedings
The club was able to continue its current match and training activities in full during the provisional proceedings and for more than four months during the initiated proceedings.
In cooperation with members of the Board of Directors, the provisional insolvency administrator Jutta Rüdlin developed concepts to generate income that ensured the ongoing operation of the club during the provisional proceedings. Among other actions, the club succeeded in organizing a “rescuer match” against first-division club VFL Wolfsburg to improve its earnings situation. At the same time, Jutta Rüdlin and her team from BRRS worked to address the weaknesses of the administration with the aim of establishing clean processes and transparent structures for the future.
The commitment of the team and the staff of coaches and trainers was extraordinary. On the sports side, the goal was to remain in the Regionalliga Süd-West!
On the operations side and for insolvency administrator Jutta Rüdlin, the goal was to find new sponsors. Ultimately, the club succeeded in reducing its debt by following an insolvency plan, which was a prerequisite for the involvement of new sponsors.
The successful insolvency plan proceedings enabled the tradition-steeped soccer club with deep roots in the North Hesse region to make a fresh start.
The Result
Closed according to insolvency plan
Independent continuation of business and sports operations as of January 2018
Quota: 5%
