Explained | What is going on at 1860 Munich? | OneFootball

It has been an eventful summer for 1860 Munich so far, while they have begun to build a squad that could challenge for promotion on the pitch, off the pitch, things are descending into chaos.

At the beginning of July, it was announced by the club that long-time controversial majority shareholder Hasan Ismaik was to sell his shares to a Swiss holding company. Which would bring to an end a turblent era in Giesing.

However, that turned out not to be the case.

Last week, in a statement to Süddeutsche Zeitung, Ismaik confirmed that he had not sold his shares and said:

Now the situation has taken another turn.

The Abendzeitung revealed the identity of the buyer, a Swiss citizen named Matthias Thoma. Thoma had previously purchased a fashion brand called Paula KA and subsequently liquidated it.

Ismaik then decided to halt the sale proceedings. SZ reports that Thoma could not ‘demonstrate a willingness to pay the sellers satisfaction’ by the deadline. This resulted in Ismaik having no confidence in the Swiss buyer.

This has resulted in the new board criticising the old board, with the old board cutting corners to complete the sale, such as the due diligence on Thoma being carried out before the sale was finalised. However, SZ also reports that Ismaik’s representatives would have had to approve of a deal before the sale was previously announced.

What is clear is that the whole thing is a mess, and what looked like a new horizon for 1860 now looks like a continuing nightmare that will not end anytime soon.

GGFN | Jack Meenan