The violets are in search of the money. A bank guarantee for seven million is said to be missing.
After the feared customer of the Bundesliga, Austria is on a desperate search for missing millions. For the time being, the Viennese without a license are threatened with a sporting and financial fiasco for the 110th anniversary of the club. It is rumored to be rumbling in the management floor of the traditional club, and according to reports, the next meeting of the supervisory board is scheduled for Friday. Club legend Toni Polster is meanwhile “scared and worried about my Austria”.
At the beginning of March the problem seemed to have been solved. With the Insignia group, the curve should be scratched. However, there were now more cryptic reports from the new partner. The fact that Vice President Luka Sur declared in an Instagram post on Tuesday evening that the license was “never our obligation” raised questions. The company that relies on high-end lifestyle products in particular should provide the financial security so that the game can be approved for the coming season.
The “strategic partner”, presented with a lot of pomp and big announcements, has apparently not yet made a remedy for the financially badly troubled Austria – according to the latest annual report, the liabilities are 78 million euros. A bank guarantee, which Austria needed for the license documents, was not available for the time being. Around seven million euros are said to be missing. As Sur wrote, the Insignia Group remains “fully committed” to the partnership.
Austria has until April 21st to submit the missing documents. The judgment in the second instance comes a week later. The Viennese distribution group did not want to comment in detail for the time being. One was working hard to get the license, it was said on request. President Frank Hensel only made a brief statement on Tuesday. “Thanks to the license decision we received today, we know exactly what demands are made of us and what we have to focus on,” Hensel was quoted as saying.
If there is still no license for the Favoritner on April 28th, you can still go to the Permanent Neutral Arbitration Court. In view of the current situation, however, no fundamental change is to be expected there. No new documents may be submitted there either. If Austria does not get a license before the arbitration tribunal, it will be placed back in the Vienna Regional Association. Then the Young Violets would also have to relegate from the 2nd division.
“Our Austria must not die”
Someone who has stood out as a great critic of the current club leadership was thoughtful. Toni Polster addressed the fans via social media. “Our Austria must not die, must live on, must not be relegated,” said the ex-goalscorer. Polster said what many think. “Even if this money should come from the alleged investor, the mountain of debt will remain anyway. That's why I see completely black, I'm afraid for my Austria,” said the 57-year-old.
One possible way out remains the “corona insolvency”. As league board member Christian Ebenbauer noted, the club could seek a restructuring process. “If the insolvency administrator says yes, then you can get the license if the restructuring process is completed by March 3, 2022,” said Ebenbauer in the ORF interview. According to the licensing regulations, such an insolvency would have to be reported by April 21st in order to have legal certainty. Time is of the essence here too.
It is a special rule in the corona pandemic. Instead of a forced relegation, Austria should stay in the Bundesliga, but would start with a six-point deduction and shouldn't spend any money on additions for two seasons. Free transfer players could be brought in. In the event of bankruptcy, however, the current players of Austria would have a right of termination and could in turn go free of charge. One who will be saying goodbye is Manprit Sarkaria. According to the Kleine Zeitung, the winger is moving to Sturm Graz. Sarkaria's contract with Austria expires at the end of the season.
