Dortmund warned by new shareholder
DORTMUND, Germany -- Borussia Dortmund's new major shareholder Florian Hamm has threatened the Bundesliga club with grave consequences if it does not improve its financial position quickly.
"If the management doesn't put the club on a more solid financial basis it will be replaced by more capable people," Hamm was quoted as saying by Der Spiegel news magazine in a report made available ahead of Monday's publication.
Hamm said he wanted to see first signs of improvement by early next year.
He made it clear, however, that he had no desire to join the club's management.
Hamm's company, FM Fund Management Limited, recently bought up 11.22 percent of Dortmund's shares from a German publisher. Only the club itself has a larger number of shares, with 29 percent.
Dortmund have amassed huge operational losses over the past 12 months, with some reports speaking of more than 60 million euros ($73.55 million).
