The financially struggling regional soccer league club FSV Zwickau has reduced its debts by 1.1 million euros within five months. The club announced this on Monday evening during an extraordinary general meeting on the club's situation. Following relegation from the 3rd division in the summer, FSV's liabilities amounted to around three million euros. The reduction in debt was achieved primarily through creditor negotiations, waivers and partial waivers as well as conversion and offsetting in advertising and sponsorship payments.
This has had a massive impact on the personnel situation. Personnel costs for the regional league team, including the coaching and functional team, were reduced from €2.9 million to €1.1 million. In addition, expenses for office staff have been reduced to a minimum. Five of the former 15 employees are now left.
"We must and can regard these figures as an absolute success. It is not a matter of course that our measures have had such an impact and that all those involved, including creditors, sponsors and fans, have pulled their weight. It cannot be taken for granted that FSV still exists at all," said FSV board member André Beuchold. However, the figures also show that the club cannot make any great leaps and must continue to fight for its financial survival.
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