Jordanian investor buys major stake in 1860 Munich to save the club from insolvency
Jordanian businessman Hasan Abdullah Mohamed Ismaik has bought a major share in 1860 Munich, a club that currently plays in the second division in Germany. The new owner wants to invest in the club so that it achieves promotion
to the first division. He has ambitious plans to bring the club back to the highest level, claiming it has the potential and a huge fan base.
Ismaik has reportedly bought 49% of the shares at an estimated sum of 18 million Euros. The club faced a tough situation financially and was in a position of facing insolvency.
The Jordanian claimed that1860 Munich is one of the oldest clubs in Germany and it is great that they are now out of the financial distress they have been for the past few months. He admitted that the club has a lot of potential
and a very strong fan base which will surely help.
He also insisted that he will strive with the club for success in the near future and make sure they get better financially.
“TSV 1860 has a great tradition and identity that ought to be preserved and supported. The club has enormous potential and a truly great and passionate fan base. Together with management headed by president Dieter Schneider, I
will do everything to bring 1860 back into the profit zone within the next season,” he was quoted as saying in an interview.
TSV 1860 Munich were relegated from 1.Bundesliga in the 2003-04 season and have been playing in the second tier since then. Ismaik wants the club to return to the first division in two years time so that they can compete at the
highest level.
“Within two or three years, we want to be playing in the 1. Bundesliga again and even eventually compete internationally at some point in the future,” he concluded.
Die Lowen finished the season in 9th place in the 2.Bundesliga with 50 points. The club had 14 wins and 10 losses in the total of 34 games played in the last campaign.