Ismaik Given Go-Ahead to Buy 49pc of 1860 Munich

May 23, 2011

Jordanian businessman Hasan Ismaik has received approval from German soccer authorities, in principal, for his bid to buy 49 per cent of former Bundesliga club 1860 Munich for US$18.5m.

Ismaik is reportedly willing to invest some $48m to secure the club’s future and could formally take control of the stake later this. The move comes as the club battles serious debts following relegation from the top flight of German soccer in 2004, with larger bills unable to be paid and emergency funds already used up.

Dieter Schneider, the club’s president, has reached agreement with the majority of the club’s creditors over reduced payments, but without Ismaik’s investment, the club’s future remains in serious danger.

1860 Munich were one of the founder members of the Bundesliga before relegation left the club with severe financial difficulties. 1860 Munich sold its 50 per cent stake in the Allianz Arena to Bayern Munich in 2006 for just $15.4m to avoid insolvency, and now pays its fellow Munich club rent.