- Associated Press - Tuesday, August 25, 2015

LEVERKUSEN, Germany (AP) - Bayer Leverkusen is repaying 10.9 million euros ($12.6 million) plus interest in a settlement with a former sponsor’s liquidator after the company declared bankruptcy in 2011.

Leverkusen says it has accepted the proposal from Cologne’s court of appeal to repay part of the 16 million euros ($18.5 million) sponsorship it received from the Teldafax group, main sponsor of the club from August 2007 to June 2011.

The liquidator argued that Leverkusen must have been aware of the discount energy supply company’s insolvency at the time.

Leverkusen chief executive Michael Schade says the club accepted the settlement to end the years-long dispute and prevent more costs and interest building up.

Schade adds, “Now instead of litigation, we want to concentrate on our core business, namely football games.”

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