World Football - Brondby avoid bankruptcy, immediate future secure

Former Danish champions Brondby stepped back from the brink of bankruptcy on Monday after announcing the club's immediate financial future had been secured.

Reuters
World Football - Brondby avoid bankruptcy, immediate future secure
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Brondby's Michael Krohn-Dehli celebrates a goal against Ried (Reuters)

Trading in the club's shares on the Copenhagen Stock Exchange was suspended on Monday but Brondby later said the cash-strapped side would be safe until a new share emission could be staged in "spring 2013".

"We are very pleased to have created the basis for the continuation of Brondby until recapitalisation," Brondby director Tommy Hakansson said in a statement.

"And we're very, very pleased that we have secured the employees their full salary, not only in January but also in the future."

The non-payment of January salaries on the last day of the month coupled with holiday money owed to current and former players, had seemed to be the beginning of the end for Brondby who are rooted to the bottom of Denmark's Superligaen.

But a frantic weekend of negotiations with various investors and creditors - among them the players' union - resulted in Hakansson's statement.

The new emission is expected to raise between 75 million and 150 million Danish crowns.

Brondby said last month they would cut wages at the Copenhagen club by 25 per cent across the board. Bankruptcy would have resulted in the team being immediately suspended from the Superligaen.

Coupled with the financial woes, Brondby fans used to seeing their side fight for the title have witnessed a collapse in fortunes on the field.

At the winter break, Brondby had 17 points having won just three of their 20 matches in the 12-team league which starts again in March.

In the golden age of Danish football, Brondby provided the backbone of the Denmark side that won the 1992 European championship, fostering players like former Manchester United goalkeeper Peter Schmeichel and Swansea City manager Michael Laudrup.

Brondby became Denmark's first full-time professional side in 1978 and has won the league title on 10 occasions, the last being in the 2004/5 season.

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