Bundesliga club Schalke granted state guarantee

Financially struggling Bundesliga club Schalke said on Tuesday they have been granted a guarantee from their state of North Rhine-Westphalia.

No further details were given in a brief statement but Schalke said they were “aware of the responsibility associated with such a guarantee.”

Schalke announced debts of 197 million euros in their report on fiscal year 2019.

The club has lost further money because of the coronavirus pandemic, and also missed out on a place in European competition for extra income because the team failed to win in the last 16 games in the league season which ended a month ago.

The state financial ministry also confirmed the guarantee and said Schalke were not treated any different than other companies.

Schalke board member Alexander Jobst confirmed recently that the club also made use of a state guarantee in the past. He said the money was not used to pay players, and that the club planned a salary cap for new players, reportedly at 2.5 million euros (2.9 million dollars).

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