"Sometimes you have to take a step back!" The Lions are staring into the abyss

1860 Fans

TSV 1860 Munich is once again teetering on the brink: investor Hasan Ismaik is once again calling for a fresh start at the club – though it seems he isn't particularly concerned about which league this might take place in. What exactly is driving him, however, remains a mystery once again.

Sixty years ago today, TSV 1860 Munich claimed the biggest prize in the club's history: the German championship. Back then, the Lions were top dogs nationwide, and their stars—Radi Radenkovic, Rudi Brunnenmeier, Peter Grosser, Fredi Heiß and co.—outshone even Franz Beckenbauer, Gerd Müller and Sepp Maier.

The club, which once again finished the recent third-division season in mid-table despite starting as favourites, is honouring the surviving championship heroes this evening with a reception at a pub on Munich's Viktualienmarkt.

Yet given the club's recent struggles, few will feel like celebrating.

Just hours before the anniversary festivities were due to begin, majority shareholder Hasan Ismaik—who has owned the club for 15 years and, despite (or perhaps because of) despite pouring in more than 80 million euros, has never come close to the Champions League or even the Bundesliga he promised on his arrival. In a social-media post, Ismaik confirmed the worst of the recent rumours and speculation.

Yes, Ismaik has pulled a substantial loan that his company and representatives had only confirmed a few weeks ago.

As a result, the club now lacks the €2.7 million liquidity proof the DFB demands for a third-division licence.

He now indicates that he would prefer to see the club drop back to the fourth-tier Regionalliga rather than fund another promotion push.

Back to the Regionalliga, because the Lions had already been demoted to the fourth tier after their on-field relegation from the second division in 2016/2017, when Ismaik gave the thumbs-down—or, more precisely, texted the number 4 to a Süddeutsche Zeitung reporter while the club's board was still negotiating with his representatives over funding for the budget shortfall.

As you might suspect, there is method to the madness at TSV 1860.

Hansa Rostock v TSV 1860 München - 3. Liga

Hasan Ismaik leaves the door open for a settlement

Unlike in previous talks, there is still hope that an agreement can be reached before the DFB's deadline at the beginning of June. "We have presented a new financing model with better terms than before—interest-free and with additional financial support aimed at protecting the club and ensuring its continued presence in the Third Division," wrote Ismaik. "However, this support must be tied to transparency and financial discipline so that we can ensure the funds are used properly."

He also presented "additional solutions to prevent insolvency and secure long-term stability, while protecting the club's and fans' rights. I remain open to dialogue and cooperation in any form that serves the interests of the Löwen. Both financing options only require the e.V.'s approval."

Despite these overtures, Ismaik himself later dampened expectations, suggesting that he does not genuinely believe an agreement will be reached.

TSV 1860 München v SpVgg Unterhaching - 3. Liga

For Hasan Ismaik, "it doesn't matter which league we're in today."

"We must accept an important truth: the problem cannot be put off from one season to the next simply by taking out new loans," wrote Ismaik. On the face of it, that sounds reasonable. What the Abu Dhabi-based Jordanian did not mention, however, was that in recent years the club's representatives had repeatedly rejected further loans from the investor to boost the budget; on the contrary, it had always been Ismaik's representatives who had sought an increase in order to buy sporting success.

Now, however, the investor—never a favourite among Lions supporters—has done a U-turn: "Sometimes you have to take a step back to build a solid, stable future. If that means rebuilding the club from the ground up, we must do it with courage and realism."

For him, it is "not decisive which league we play in today, but that we build a club capable of making a strong comeback and enduring for many years to come".

TSV 1860 München v MSV Duisburg - 3. Liga

TSV 1860: Just over a year ago, Ismaik and the Lions narrowly avoided falling for a suspected fraudster.

The club needs more than fresh funding. "It needs a genuine restructuring, clear financial controls, compliance, and a management team that operates according to modern institutional standards—as successful clubs and companies already do," the investor stated.

"After all these years, we must be honest and unequivocal: the current situation cannot continue. I am not blaming anyone—not the management, not the fans, not the partner, not even myself. If the Lions had to be rebuilt from scratch, even starting in the lower leagues, that would be no disgrace," said Ismaik.

Unlike in 2017, when a return to the beloved Grünwalder Stadium in Munich's Giesing district reignited fan passion and rebranded 1860 as a cult neighbourhood club, any forced relegation today would almost certainly sap morale among supporters.

Surprisingly, Ismaik's comments ring true on several points. Yet it remains unclear why he suddenly claims that on-field success is no longer his priority.

Just over a year ago, the club's then-management and Ismaik nearly fell for what appears to have been a con artist; a previously announced sale of Ismaik's shares to a mysterious investor—which had already been frenetically celebrated with pyrotechnics by the Lions' fans in Munich-Giesing—collapsed at the last minute; to this day, it remains unclear whether this investor ever actually existed. Since then, it has been clear that Ismaik would prefer to sell the club sooner rather than later. According to SPOX, at least three genuine investor groups have approached Ismaik in recent months; among them, a consortium led by former Germany international Thomas Hitzlsperger and ex-1860 CEO Markus Rejek confirmed talks. No deal was struck, largely because the double-digit million sum on the table failed to meet Ismaik's valuation.

One thing is clear: his shares would not increase in value if the club were to be relegated to the amateur leagues again.