Schalke refute financial problem reports

FRANKFURT - German Bundesliga club Schalke 04 denied a newspaper report on Thursday which said they were running out of money.

The Financial Times Deutschland reported, citing unidentified sources, that three out of four accounts from which Schalke service their debts were empty.

Schalke said in a statement that all the accounts mentioned in the article were in credit, adding that all instalments had so far been paid on time.

Schalke, coached by Felix Magath who led Wolfsburg to the title last season, are in fourth place in the standings and face Eintracht Frankfurt on Friday.