The LTi Giessen 46ers (Germany-BBL) have announced that they have filed a petition for bankruptcy protection in District Court due to ‘impeding inability to pay’. Club Managing Director Heiko Schelberg and Tim Schneider, provisional insolvency administrator, will hold a press conference on December 27th, 2012 to discuss the situation.
Basketball Bundesliga League headquarters in Cologne was caught off-guard at the news as the league has certain provisions (Guarantee Fund) available to clubs should they need it to help various financial situations. Just two weeks ago there was a meeting with the club and BBL advisors and the situation wasn’t brought up at that time. BBL CEO Jan Pommer stated (translated), “During the meeting, there was no evidence that such a move might be necessary. In this respect, and because we have always closely accompanied the Club in recent years within the framework of the licensing procedure, this decision is quite irritating.”
Schelberg has stated that they will play their schedule and work to resolve the financial issues and that their petition to the courts can be withdrawn at any time.
BBL statues state that a club will have four points deducted from the current standings if written proof of an insolvency application is present. The 46ers are currently sitting in last place of the 18-club BBL with a 4-10 record and are coming off a 72:69 upset win over Ratiopharm Ulm on Saturday.
Strnage that this is possible at this stage of the season! Besides that, they even signed a new player recently which tells a lot about the club’s management. Incredible!
German basketball mafia!!!! LOL!!!
Giessen slipped through the cracks of the control board?
Amazing. I like the way BBL is involved.