FC Schalke 04 Repays NRW-Backed Loans Early Following €90m Bond Issuance.

Roger Hampel

Image: FC Schalke 04

FC Schalke 04 has confirmed the early repayment of two loans guaranteed by the state of North Rhine-Westphalia (NRW), using proceeds from its recently issued 2025–2030 corporate bond with a total volume of €90 million.

The move follows the club’s stated refinancing plan and reduces secured liabilities linked to state guarantees, a step Schalke has positioned as central to improving medium-term financial stability.

Refinancing Enables Early Loan Redemption FC Schalke 04

The club stated that the successful placement of the new bond enabled it to prioritise the full repayment of senior secured debt. This included:

• the 2018 syndicated infrastructure loan for the Berger Feld development

• the state-guaranteed loan taken out in 2020

Both facilities were repaid ahead of their contractual maturities, completing a process that Schalke had communicated before year-end.

Christina Rühl-Hamers, board member responsible for finance, said:

“The refinancing gives us significantly more planning certainty and room for manoeuvre.”

Berger Feld Loan: From €56m to Final €10.5m Repayment

The Berger Feld loan was originally agreed in July 2018 as a €56 million syndicated facility with five banks, backed by an NRW state guarantee, to finance infrastructure works around the VELTINS-Arena.

Following pandemic disruption and sporting setbacks, Schalke announced a strategic construction halt in 2021 and contractually reduced the loan volume to €13.5 million. After two partial repayments of €1.5 million each, the remaining €10.5 million was repaid in full by the end of 2025. The facility had originally been due to run until July 2032.

2020 Loan Fully Settled Ahead of 2028 Maturity

In August 2020, Schalke also entered into a €35 million multi-bank credit facility, again secured by an NRW guarantee, to mitigate revenue losses caused by the pandemic, including reduced matchday and broadcast income.

By the end of 2025, the club had already repaid around €20 million, with the final €14.9 million now settled early. The loan had been scheduled to mature in March 2028.

Clarification on Public Guarantees

Schalke emphasised that the state-backed loans did not result in any cost to taxpayers. According to the club, guarantee fees were paid to NRW throughout the term of the facilities, and all obligations were met in full.

Balance Sheet Reset Continues

The early repayment removes two major state-guaranteed liabilities from Schalke’s balance sheet and follows earlier refinancing of bonds due in 2021–2026 and 2022–2027. While the club remains in a broader consolidation phase, the transaction reduces secured debt and extends maturity profiles.

Schalke indicated that the focus now remains on gradual debt reduction, improved liquidity planning and creating capacity for future investment, without outlining immediate sporting expenditure.