Newly-promoted club VfB Stuttgart are the latest Bundesliga side looking for financial aid because of lost matchday revenue due to the coronavirus pandemic.
Stuttgart finished runners-up in Germany's second division at the end of June to win promotion to the Bundesliga a year after being relegated.
The 2007 German champions are now among a number of established names seeking financial help.
"During the lockdown phase, we examined all the possibilities for economic stabilisation and... applied for funding in order to secure our liquidity," the club's finance officer Stefan Heim told the Stuttgarter Nachrichten and Stuttgarter Zeitung.
"This was one of the measures we took to ensure VfB's economic survival at a time when nobody could predict when and how things would continue in football."
Heim said Stuttgart applied for aid through the state-owned KfW Bank, reportedly seeking a loan of around €15 million (Dh62m).
Germany's clubs are counting the cost of lost revenue as the last nine rounds of matches in the top two tiers were played behind closed doors due to the pandemic.
Werder Bremen, who managed to stay in the Bundesliga, confirmed that they want a loan from the state-owned KfW Bank.
Schalke 04, who had debts of €198m before the pandemic, recently applied to the state of North Rhine-Westphalia for a guarantee to secure a loan, reportedly worth around €40m.
Schalke lost around €2m of revenue for each of the four home games behind closed doors.
Even runners-up Borussia Dortmund are looking into ways of securing financial help from the state, according to magazine Der Spiegel.
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Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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Tomorrow 2021
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
