TSV 1860 München cut ties with long-term investor Hamsa Ismaik
| Photo: Leonhard Simon/Getty Images. |
Drama continues to unfold at 1860 München with the Bavarian club terminating it's long-term partnership with HAM International and investor Hasan Ismaik this evening, 4 June.
On Wednesday, the club had already stated that investor Hasan Ismaik was obligated under the cooperation agreement to provide the financial resources for the club's operations.
News broke that 1860 München were unable to provide €2.7million worth for proof of liquidity – thus, the club was denied of it's 3.Liga licence and automatically relegated to the Regionalliga.
Since then, there has been speculation about the parent club terminating the cooperation agreement – now it's official: 1860 München have cancelled their contract with Ismaik.
Kuwait-born Ismaik originally bought a 60% share in Die Löwen worth €18million back in May 2011 – the club was also in the fourth tier of German football during this time.
In doing so, the 48-year-old became the first Arab to acquire shares of a German football club. Ismaik claimed that his aim was to safeguard the survival of the struggling club.
The news will ultimately come as a positive to fans of 1860 München after Ismaik revealed he would not cover the financial shortfall even if the club entered administration.
