#fees #soccer #legal
One of the world's most recognized soccer clubs is in hot water thanks to a sponsorship deal gone very wrong. German soccer club Bayer Leverkusen was ordered on Wednesday by a German court to pay back $20.3 million in sponsorship fees accrued between 2009 and 2011 to creditors of bankrupt electricity provider, Teldafax.
The court ruled that, based on the sponsor's previous payment history, club management should have known that the company was insolvent before accepting the payments in 2009. According to German broadcaster, Deutsche Welle, Teldafax was the second largest bankruptcy in German history with over 700,000 customers losing money.
Bayer Leverkusen CEO Michael Schade said the team will consider an appeal of the decision.