Lyngby find funds to pay players

Cash-strapped Danish Superligaen club Lyngby FC have moved to avoid a player revolt and possible bankruptcy by paying wages owed to players from last month.

Monday deadline
Lyngby had been given a deadline of Monday 10 September to pay monies owed to players from August. If the wages had not been paid this week the players had threatened the club with a bankruptcy petition.

Sigh of relief
But players and officials of the troubled outfit breathed a sigh of relief on Thursday as the club paid up.

Cash injection
Lyngby have suffered financial problems since the start of the season and last month the local council pumped €1m into club coffers in return for local residents receiving a share of the stadium and facilities.

Grahn sold
At the end of August, the club's continued financial struggles forced them to sell promising Swedish Under-21 international striker Tobias Grahn to Norwegian outfit Vålerenga Fotball for €125,000.

Investor ready
An end to the troubled times seemed to be in sight last Thursday when club owner Jorn Terkelsen claimed he had found an investor prepared to inject €25.7m into the club to fund a renovation of their stadium. However that investment depends on Terkelsen obtaining a building licence from the local authorities, which he has so far been unable to get.