display
1. FC Köln has applied for a state guarantee of 20 million euros from the state of North Rhine-Westphalia.
A corresponding report by the "Handelsblatt" confirmed financial director Alexander Wehrle.
The loan with the FC's house bank, which is secured with the national guarantee, runs for six years.
In the first two years, the association only has to pay interest, in the four years thereafter it pays off five million euros each.
“We made the decision relatively late because we tried to shoulder it with our own resources.
But with a total loss of around 63 million in sales, as a member-run association, you can't avoid it, ”emphasized Wehrle.
Cologne is struggling with great losses
display
For the 2019/20 season, Wehrle presented sales of 122.5 million euros and a loss of 23.8 million euros after taxes.
The loss of sales due to Corona between March and June 2020 was 13 million euros.
According to Wehrle, the club has to reckon with sales losses of up to 50 million euros in the current season.
Despite the pandemic, 1. FC Köln has "very stable equity" of 14.8 million euros, stressed Wehrle.
Compared to the previous year, however, equity has more than halved.
In order to shoulder the problems, the association has also agreed a working capital line with its house bank until June 30, 2022, secured a loan of five million euros that runs until June 30, 2023 and wants to take out so-called mezzanine loans.
With these, in the event of insolvency, investors are only served after the classic creditors such as banks.
In return, they receive a higher return on their stake.
These loans will be collected until June 30, 2021, at the end of which there should be a double-digit million amount.
According to Wehrle, investors have "no say or influence".
The association has always positioned itself against the sale of shares to investors.