(Bloomberg) -- Borussia Dortmund is using an unusual insurance policy to recover most of the income it is losing for failing to qualify for European soccer’s elite Champions League for the first time in five years, according to two people with knowledge of the arrangement.
Germany’s only publicly traded soccer club is in the third year of an insurance contract that protects against lost revenue from missing the tournament, said the people, who declined to comment publicly as the details are confidential. The deal has about 12 underwriters led by Catlin Group Ltd. and XL Group Plc, they said.
Dortmund, which had revenue of 260.7 million euros ($279.6 million) in the fiscal year ended June 30, received 34.7 million euros in prize money for reaching the quarterfinals last season, competition organizer UEFA said. Only three team executives were aware of the insurance policy, a requirement from the providers to prevent coach Juergen Klopp and his players from giving up on finishing high in the league, one of the people said. Dortmund Chief Executive Officer Hans-Joachim Watzke, in an e-mail, declined to comment.
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