Champion’s Heart
Chapter 4 Dortmund’s financial problems
Not everyone may know that as Dortmund's top scorer for three consecutive seasons, Lewandowski had received official authorization from the Dortmund club as early as a season ago, authorizing him to find a new club on his own. , and then after the end of this season, as long as the other party offers a suitable offer, Lewandowski can transfer and leave. E novelWw%W. 1XIAOSHUO. COM
Dortmund club officials also promised Lewandowski that they would never make things difficult for the Polish striker on the transfer issue.
It may be difficult for people to imagine why Dortmund would let its top scorer leave the team so much? Shouldn't the normal approach be to keep him through a contract extension?
This has to talk about Dortmund's financial policy, because in the past, because of the large-scale signing of many stars and exaggerated contracts, the club's financial burden was very heavy. When the team's performance was not satisfactory, the high The pressure brought by salary burst out, causing Dortmund to fall into a serious financial crisis. They had to rely on selling stars to maintain operations and avoid bankruptcy.
At that time, the club's financial deficit was as high as 98 million euros!
How difficult was it for Dortmund during that time?
They even borrowed money from arch-rivals Bayern Munich!
Bayern Munich originally lent Dortmund two million euros at an interest rate of 8%.
You know, in 2000, Dortmund was the only listed club in the Bundesliga. The opening price that year was 11 euros. Even Bayern Munich's general manager Hoeness was attracted to buy a lot of Dortmund's shares. But in the end, due to poor management, Dortmund was heavily in debt and the stock price fell again and again.
In the 2003-2004 season, Dortmund, which was third in the league and participated in the Champions League play-offs, was eliminated by Club Brugge in the play-offs. The Champions League bonus income was wiped out. On the stock market, Dortmund's stock plummeted, hitting a hundred dollars that day. The biggest drop was 16/16, with the stock price once falling to 2.38 euros per share. It is Dortmund's lowest share price since its listing.
Twelve years have passed and Dortmund's share price has not risen to four euros today...
In 2002, on the one hand, they had just won the league championship, and they needed to burn money to continue to compete with Bayern Munich this season. On the other hand, the bankruptcy of Kirsch Group brought a financial crisis to the Bundesliga team, and Dortmund failed to do so. After surviving the disaster, the Dortmund club, which needed money, turned its attention to making money at the West** Stadium, the sacred and inviolable temple in the hearts of Dortmund fans. They sold 94% of the shares of this stadium. It was given to the Moores Reese Group, a subsidiary of the Commercial Bank, in exchange for 75.4 million euros. At the same time, they obtained the right to continue to use the West End Stadium with an annual rent of 17 million euros.
It lasts until 2o17.
Dortmund at that time may never have imagined that this would be the last straw that almost broke their back in the future.
2005 was the most difficult time for Dortmund. At that time, Dortmund was even on the verge of bankruptcy. On March 15, 2005, the German Football League will conduct a financial qualification review of each club. But at this time, Dortmund's However, the debt problem broke out. The key one was the debt problem of the Morse Reese Group that originally bought the stadium and Dortmund, because at this time, a debt of 15 million euros between Dortmund and Morse Reese was due. Now, they have to pay it back starting next season.
But Dortmund can no longer afford the money. If it must repay this debt, Dortmund will have to declare bankruptcy. You know, according to statistics, by mid-2006, Dortmund's total debt will reach a record high of 134.7 million euros.
Fortunately, the Dortmund Club and the Morse Reese Group reached an agreement after negotiations. The Dortmund Club received more than 75% of the support from the Morse Reese Group. Fifteen million euros of debt postponed.
At that time, Hans Watzke, the current CEO of Dortmund, had just taken office for a few months.
The successful negotiation gave Dortmund a crucial breathing space.
The new club CEO Watzke cooperated with Oliver Keren of the Morgan Stanley investment bank. Keren noticed that although Dortmund was in a mess financially and its results were not good, the loyalty of fans was the highest in the Bundesliga. The evidence is the team's games. Attendance at the West End Stadium was on the rise.
They then brought in management consultancy Roland Berger and a team of lawyers and auditors to draft a revival and financial restructuring plan for Dortmund.
They received a loan of 80 million euros from Morgan Stanley Bank with a term of 15 years, of which 51 million was used to buy back 51% of the ownership of the Westminster Stadium, which helped the club The annual rent payment has been greatly reduced, which has greatly reduced the club's financial pressure. The other 20 million will be used to balance debt and negotiate with creditors to try to get them to postpone the repayment deadline and lease repayment deadline of Dortmund Club. They sold superstars such as Rosicky and Amoroso to earn funds, and at the same time terminated their high salary expenditures. All players who remained on the team had their salaries reduced. Invest zero or little in the transfer market. Contracts with various sponsors were extended. Despite the opposition of Dortmund fans to the sale of the six-year naming rights of the West** Stadium, the stadium was changed to the awkward name Signal Iduna Park Stadium, but this move brought the club 20 million euros. The naming fee...
All is to pay off the huge debt as soon as possible so that Dortmund can get back on its feet.
In times of financial crisis, Dortmund is used to tightening their belts, which is what they have to do in order to survive. In terms of player wages, Dortmund is very stingy. After all, player wages are a fixed annual expenditure. Of course, the most effective time to make a move on this is of course.
In fact, as early as 2003, because Dortmund was eliminated from the Champions League qualifying round, there was news that the club asked players to voluntarily reduce their salaries by 20%.
Before that, Dortmund's annual expenditure on player salaries was as high as 52 million euros. This number ranked among the top 32 European clubs that year - exactly the number of participating teams in the Champions League. But Dortmund did not qualify for the Champions League that year.
The high investment in wages has not resulted in returns commensurate with performance and economic benefits, and has left the club in deep financial crisis and overwhelmed.
Later, the club controlled their annual salary expenditure to around 35 million euros by selling off high-wage players and forcing other players to take salary cuts.
However, after Watzke became the team's CEO, Dortmund began its reconstruction work, and the first step was still to cut salaries - for the Dortmund club, the annual salary expenditure of 35 million euros is still an unbearable burden.
In the end, through hard work, the Dortmund club controlled the salary of first-team players to around 28 million euros per year. It is really embarrassing to think about the 52 million euros in Dortmund's rich period.
After that, Dortmund was very stingy in player wages. When Gotze renewed his contract with the club in 2012, his annual salary of 4.6 million was the maximum salary for the first team. Before that, his annual salary was one million euros...
Before Gotze, Dortmund's maximum salary in the team belonged to captain Kyle, which was 3 million euros.
You must know that in the just-concluded 2o12-2o13 season, Dortmund's first-team salary expenditure has not yet returned to the level of 52 million euros ten years ago.
One can imagine how stingy Dortmund is in this regard today.
It is also because of this stinginess that it is difficult for Dortmund to retain their players.
For example, why did Shinji Kagawa go to Manchester United?
On the one hand, Manchester United is attractive enough to Shinji Kagawa. On the other hand, Dortmund and Shinji Kagawa had been wrangling over the annual salary issue for a long time during contract renewal negotiations. In the end, due to the intervention of Manchester United, Dortmund offered Kagawa a new contract with an annual salary of 3 million, which was double the annual salary of 1.5 million he received at the time. However, Shinji Kagawa still rejected Dortmund and chose to join Manchester United. , with a salary of six million euros per year. This salary is twice as much as the three million that Dortmund gave out with gritted teeth!
The problem between Lewandowski and Dortmund also lies in the annual salary...
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