Schalke 04 obtains state burgschaft

Schalke 04 obtains state burgschaft

The club said it would not disclose any further details on the matter. "The S04 has applied for this burgschaft in the expectation that it will not be treated differently from commercial enterprises in other areas when the decision is made. FC schalke 04 is aware of the responsibility associated with such a burgschaft," the club said in a brief statement.

When asked, the ministry confirmed the granting of the state bursary and stated the following about the procedure: "the assumption of bursaries has been carried out regularly for decades within the framework of the bursary guidelines approved by the budget and finance committee of the state parliament. The castle application from FC gelsenkirchen-schalke 04 e.V. Has, like all other burgschaft applications, gone through the tried and tested multi-stage review process. Once again, the application was treated in the same way as all other applications from commercial enterprises."

Despite the second-highest sales in the club’s history of 275 million euros, the club posted a net loss for the year of 26.1 million euros. At the same time, total liabilities have been reduced from 220 million euros to 198 million euros. The corona pandemic has considerably aggravated the financial situation of the bundesliga club despite considerable savings effects.

Schalke’s marketing director, alexander jobst, had recently confirmed that the club had already made use of a national guarantee in the past. "In many other industries, it is completely self-evident to use the instrument of the state burgschaft."It was clear that it could not be used to finance players, for example, said jobst. In addition, the club wants to introduce a future salary cap for new players: "we will also be imposing a guideline internally with immediate effect for a maximum salary level with regard to the signing of new players." The limit should be about 2.5 million euros a year.

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