Schalke gets loan, sells shares in stadium

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GELSENKIRCHEN, Germany (AP) -- Bundesliga club Schalke sold shares in its stadium and received a loan to ease its financial burden.

The club said Thursday that the $37.7 million deal with an energy company and a bank will put Schalke back on sound financial foundations.

Schalke, fourth in the standings, acknowledged debts of $203 million, with the company running its stadium owing another $167.07 million.

The deal with the GEW energy company gives Schalke financial coverage until the end of the season.

"Another sale of rights, shares or players for financial reasons is not necessary," Schalke financial chairman Peter Peters said.

Under new coach Felix Magath, who led Wolfsburg to the Bundesliga title last season, Schalke is hoping to qualify for the lucrative Champions League. It has also reached the quarterfinals of the German Cup.

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