Football
Associated Press 9y

Bayer Leverkusen repay liquidator of bankrupt former sponsor

LEVERKUSEN, Germany -- Bayer Leverkusen are repaying €10.9 million plus interest in a settlement with a former sponsor's liquidator after the company declared bankruptcy in 2011.

Leverkusen say they have accepted the proposal from Cologne's court of appeal to repay part of the €16m sponsorship it received from the Teldafax group, main sponsor of the club from August 2007 to June 2011.

The liquidator argued that Leverkusen must have been aware of the discount energy supply company's insolvency at the time.

Leverkusen chief executive Michael Schade says the club accepted the settlement to end the years-long dispute and prevent more costs and interest building up.

Schade adds, "Now instead of litigation, we want to concentrate on our core business, namely football games."

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