A Shock in Ice Hockey

2.4 Million in Debt: VSV Slides Toward Bankruptcy

(Bild: Bernd Stefan)

It’s now official: The VSV has filed a petition with the Klagenfurt Regional Court to initiate restructuring proceedings. After weeks of cash flow problems, Managing Director Oliver Bergauer is now pulling the plug. Restructuring proceedings are intended to ensure the continued existence of the Villach professional ice hockey organization.

The concerns surrounding the VSV have been confirmed—and the financial situation is apparently even more dire than previously known. On Monday, Managing Director Oliver Bergauer filed a petition with the Klagenfurt Regional Court to initiate restructuring proceedings without self-administration. This is intended to save the future of the Villach professional hockey club.

2.4 million euros in debt!
As the club reviewed its past fiscal years, the true extent of its financial problems became apparent. As of now, liabilities total around 2.4 million euros. According to Bergauer, a large portion of this is attributable to pending tax and contribution proceedings.

“Harder than expected!”
“The financial situation has turned out to be much more difficult than initially apparent,” explains the managing director, who took the helm on October 1. His mission was clear from the start: to get the club back on a sound financial footing.

A million-euro shortfall in revenue
Particularly explosive: During the review, it was apparently also discovered that portions oftherevenue from season ticket sales and sponsorship—which were actually intended for ongoing match operations—had already been used to settle liabilities from the previous fiscal year. Bergauer has requested an explanation from the former managing director regarding this matter.

The result is a liquidity shortfall of approximately 1.2 million euros. This money is needed to fulfill the proposed restructuring plan. The goal is a 20 percent recovery rate for creditors.

Professional Operations to Continue
Despite the difficult starting point, Bergauer remains determined. The restructuring proceedings are by no means intended to spell the end of ice hockey in Villach. On the contrary: Together with creditors, a restructuring plan is to be developed that will enable the continuation of the company and, with it, professional operations.

Contributing to the VSV’s Rescue
“We’re working flat out to secure the financing components and raise the necessary funds,” Bergauer emphasizes. However, this will require a joint effort. Sponsors, partners, the league, other supporters, and even the fans are being called upon to do their part to save the VSV.

Youth Programs Not Affected
There is also an important clarification regarding the club: The restructuring proceedings affect only EC VSV GmbH, which manages the professional operations. The club, with its activities in the children’s, youth, and junior divisions, is not affected.

VSV Board Offers Support
Chairman Manfred Herzog assures management of the board’s support: “The club, with its activities for children, youth, and young players, is not affected by this. As the board, we actively support the efforts of management.”

Ensuring Continuity
The coming weeks will be decisive for the VSV. The priority now is to raise the necessary funds and find a solution with the creditors. The stated goal remains the continued existence of professional ice hockey in Villach.