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European honours 2014-15

European news
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By ESPN Staff

Bayern buy TSV 1860's share of stadium

BERLIN, April 27 (Reuters) - Bayern Munich have bought out TSV 1860 Munich's share in the new Allianz Arena for 11 million euros ($13.67 million) to save the 'Lions' from the threat of bankruptcy.

Bayern and 1860 co-owned the new stadium, which was built for around 300 million euros and will host the opening match of the 2006 World Cup.

The smaller club have seen their hopes of promotion back to the Bundesliga slide as the season has gone on and they may yet even be demoted to the third division.

'With this we've avoided insolvency,' said 1860 managing director Stefan Ziffzer at a news conference.

Bayern chairman Karl-Heinz Rummenigge said no charity had been involved in the decision.

'This was not done because of brotherhood or sympathy,' he said. 'It's in our own self-interest.'

Under the deal, 1860 retain the right to buy back their share for 11 million euros plus interest any time before June 2010.

Germany take on Costa Rica at the Allianz Arena to get the World Cup underway on June 9.