Leverkusen ordered to repay $20.3M from ex-sponsor
Oct. 22, 2014
COLOGNE, Germany (AP) — A court has ruled that Bayer Leverkusen must pay back 15.9 million euros ($20.3 million) to the insolvency administrator of a former sponsor.
The Cologne state court ruled Wednesday that the Bundesliga club has to pay back money received between October 2009 and June 2011 under a sponsorship contract with electricity supplier TelDaFax.
TelDaFax filed for insolvency in June 2011. However, the court ruled that the company was already bust at the time of the payments and that Leverkusen officials must have been aware of that by October 2009.
Leverkusen general manager Michael Schade said the club is "disappointed and surprised" that its arguments were rejected. He said the club will examine whether to appeal the ruling.