LKS Lodz loses its battle against financial problems
After battling against financial and organizative problems for years, LKS Lodz is forced to declare bankruptcy, adding to the woes of a city whose sport societies are all struggling with financial difficulties. The news does not come as a surprise, after the city has refused to bail out the club for yet another time. Moreover, the long-awaited renovation of the stadium had already been cancelled several months ago, as documented in our article.
ŁKS Łodz, one of Poland’s oldest football club celebrating this year its 105th birthday, has therefore declared itself bankrupt and unable to pay its debts and the unsettled wages.
As a result, the club has been relegated two division after it has beenstripped off of its license to play in the Polish First Division (the second tier of Polish football) . The club will thus play in the fourth division starting next season.
Lodz has been having its financial books in ruins for several years already. The club was relegated from the top tier of the Polish game in 2012 but was unable to solve its disastrous financial situation. The Football franchise had since been sold to private investors in 2010, as the city could no longer afford to support it
Lodz has struggled through the current season and at times performed admirably in some fixtures, however it has never been able to fix to its debt problems. After five matches into the second half of the season, Lodz eventually called it quits and pulled out of the competition.
All remaining matches until the end of season will be declared walkovers and LKS Lodz will be placed bottom of the table. Polish football pundits agree that it will take at least 10 years for Lodz to bounce back from this massibe blow and work their way back to their former glory.
Lodz owes millions in wages to players, several coaches and a player agent. The Licence Commission of the Polish Football Association withdrew the club license after their debts totalled PLN 10m (€2.3m) and there is no settlement plan in sight. Instead, more losses are expected in the next months
In the second half of the current season, Lodz has fielded a team of juniors from a local sports school in its first team. Next season, after the relegation, there will seemingly be no changes in the “first team”.