MUNICH (AP) Former Bundesliga team 1860 Munich faces demotion to Germany’s fourth or even fifth tier after failing to meet a deadline for a third-division license.
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1860 was due to make a payment reportedly between 5-10 million euros ($5.6-11.2 million) to the German soccer federation for the license by Friday afternoon, but financial backer Hasan Ismaik said through his company HAM that he wasn’t prepared to pay it because 1860 “refuses to make necessary changes to solve the many issues facing the club.”
Ismaik, a Jordanian billionaire who owns 60 percent of 1860, was the club’s only hope of meeting the payment deadline.
1860 was relegated from Germany’s second division in a playoff on Tuesday.
Ismaik says he will continue to support the club at the fourth or fifth level.