BERLIN - A Jordanian investor has bought 49 percent of former Bundesliga champions 1860 Munich, saving the club from insolvency and securing their second division licence for next season hours before Wednesday's deadline.
"With the signature of the contracts Hasan Ismaik now has 49 percent of Munich 1860," said club CEO Robert Schaefer in a statement on Tuesday. The statement said the contract was signed on Monday.
The club, who were among the first Bundesliga clubs and won the title in 1966, did not reveal the amount Ismaik had paid. German media reported it was about 18 million euros.
"We will now hand in the complete documents for the licence on time to the German football league," said Schaefer.
The club had been in a dire financial situation for months and had been warned they would drop to the amateur leagues if they failed to meet their financial obligations for the second division.