Munich 1860, winners of the German Bundesliga title in 1966, have announced the start of insolvency proceedings, in the latest setback for the storied club, which has been relegated to the fourth division. The club, nicknamed "the Lions," issued a statement announcing the appointment of an administrator to oversee the insolvency process.
Munich 1860 said in its statement that the proceedings aim to obtain a comprehensive picture as quickly as possible in order to review and take the next steps in cooperation with management. At one point, 1860 Munich was a bigger club than its rival Bayern Munich.
Unlike Bayern, Munich 1860 was a founding member of the Bundesliga, and the Lions remained in the top flight until the mid-2000s, but have suffered financial difficulties in recent years.
Despite finishing eighth in the third division last season, the club was forcibly relegated to the semi-professional fourth division due to a lack of liquidity. The club was founded in 1860 as a multi-sport club, with a football section not added until 1899.