Former Bundesliga club 1860 Munich's future has been thrown into doubt after they failed to meet the deadline to acquire their license to play in the third tier.
Defeat in a relegation play-off against Jahn Regensburg last Tuesday sent 1860 down to the 3. Liga, but they failed to make a payment due by June 2 to the German Football League, reportedly of up to €10million, to secure their status in the division.
An official club statement read: "The amount required for the 3. Liga license has not been received by the deadline. The shareholders of 1860 Munich could not reach an agreement by this time.
"1860 Munich are now concentrating on finding solutions to continue the operation of the club in the coming season.
"As soon as there are facts, 1860 will clarify the situation."
Majority owner Hasan Ismaik refused to make the payment due to 1860 "failing to solve the problems" he sees within the club's structure.
"The fact that I am forced to make such a decision makes me sad. I have struggled to find a solution until the last minute, but my justified demands…have fallen on deaf ears," Jordanian businessman Ismaik said in a statement released through his company HAM International.
It has been reported that 1860, who share the Allianz Arena with Bayern Munich, will now be forced to drop into the fourth or fifth tier of German football.
