Schalke debt climbs to 155m euros
Posted Friday, May 13, 2011 by YAHOO Sport
GELSENKIRCHEN, Germany (AFP) - The level of debt at Champions League semi-finalists Schalke 04 has risen from 20 million euros to 155 million euros ($220m), the German club announced on Friday.
"We have invested a lot in the team in order to be competitive in the Champions League," the club said after publishing their financial results.
Schalke exceeded expectations by reaching the last four in this season's Champions League for the first time ever, before losing to Manchester United, but have not been able to reduce their worrying level of debt.
In April the club from the Ruhr region sacked coach Felix Magath, who was accused of worsening Schalke's financial problems by approving expensive transfers and salaries for players.
Currently a disappointing 14th in the Bundesliga, Schalke nonetheless registered a record turnover of 169.5m euros—50m more than last year—thanks to their participation in the Champions League.
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