Bankruptcy came just in time: FC Bayern escaped Wirecard disgrace

Bankruptcy came just in time
FC Bayern escaped Wirecard disgrace

Although there were increasing signs of irregularities at Wirecard, FC Bayern apparently wanted to enter into a partnership. Shortly before the planned signature of the contract, the company boss was arrested, then the payment processor went bankrupt.

FC Bayern Munich narrowly escaped an image disaster. The club had planned a close partnership with Wirecard, as reported by the "Süddeutsche Zeitung". Shortly before the cooperation was to be sealed, the financial group went bankrupt. According to the newspaper, those responsible for Bavaria had not noticed any alarm signals. The partnership did not materialize.

In the early summer of last year, negotiations on a comprehensive partnership were well advanced and the contract was almost ready to be signed. The collaboration was due to start on July 1st and lasted for three years. Wirecard wanted to pay seven million euros a year for this. "We're looking forward to our partnership," the newspaper quoted from an email sent by a Bayern board member to Wirecard on June 10th.

At that time, Wirecard was under tremendous pressure. The "Financial Times" had long reported alleged inconsistencies in the payment service provider. In May the balance sheet presentation was postponed again, the auditor KPMG did not want to exonerate the Wirecard board members after a special audit. And the stock had turned into a gamer's paper. But the club apparently still wanted to work together.

On June 18, the company announced that it did not have a billion-dollar fortune allegedly in Asia. Wirecard boss Markus Braun was arrested on June 23, and the company went bankrupt two days later. FC Bayern was spared an embarrassment.

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