MSV Duisburg and Schauinsland-Reisen have agreed on a “debt waiver against a debtor warrant”. Ingo Wald and Andreas Rüttgers explained exactly what this looks like
On December 8, 2023, MSV Duisburg announced an agreement with Schauinsland-Reisen regarding the loan in a press release.
On Tuesday, December 19, MSV CEO Ingo Wald and SLR Tourism Director Andreas Rüttgers explained the agreement in a media round.
Together they agreed on a “debt waiver against an income adjustment bond”, as Wald announced. “MSV owes Schauinsland a total of almost six million euros through the e.V. and the KGaA. These are the loan amounts with accrued interest,” explained the CEO.
However, these are no longer due. “The agreement has been made in such a way that Schauinsland-Reisen waives these six million euros.” Accordingly, the liabilities are “practically wiped out of the balance sheet”, which ensures a “significantly improved equity situation” for both the e.V. and the KGaA.
“Fair and self-evident agreement”
However, repayments may still be made in the future as a result of the agreed debtor warrant. “For the time being, we have the six million debt waiver. I think that it is a very fair and natural agreement that parts of it will be returned if a situation arises in which MSV is better positioned than planned,” explained Wald. “Of course, Schauinsland will also have to make concessions regarding when the debtor warrant will or will not be drawn. This is still under discussion, but the signals are also there that Schauinsland is very sympathetic about this.”
We can definitely say that we don’t want anything that goes into the licensing area.
Andreas Rüttgers
Rüttgers confirmed these signals: “We can definitely say that we don’t want anything that goes into the licensing area. So even if the club is promoted to the 2nd Bundesliga, we won’t get anything for it – neither TV money nor anything else.” Instead, repayments should only be made if income exceeds the amount required for the license.
Possible scenarios for the debtor warrant to be redeemed, for example, “if MSV makes it to the third or fourth round of the DFB Cup, or if the situation arises that a major investor comes in, that you participate in small parts,” explained Rüttgers, adding: “Maybe also if a player transfer happens in the second or first division, that you get a small percentage. small percentage. But in such a way that the club has every opportunity to continue to be viable.“
”A breakthrough,” but no transfer offensive
The solution is a “liberating blow” for MSV, but it is not the case that the club now has access to large reserves that could be invested in the squad, as Wald made clear. “We have not built up any reserves or provisions, as a result of the loan always being deferred, which would now give us a pot of, say, one million euros that we could invest in new signings. Due to the solution, we certainly have free funds, but they are nowhere near the magnitude that one or the other might wish for.”
These larger reserves do not exist because the loan was not ‘activated’ by the decision to end the sponsorship of Schauinsland-Reisen at the end of the season, as Rüttgers emphasized.
Accordingly, the loan and the sponsorship are to be considered separately. “We said that in this situation, advertising makes no sense for us in this environment. But the loans have been further extended, so there were no provisions that influenced any transfer periods or the like,” explained the SLR tourism director.
In any case, Schauinsland-Reisen will not exert any influence on MSV Duisburg in the future, as this is not part of the agreement. “Since the loans practically no longer exist, where is there still any influence to exert?” asked Wald rhetorically.