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Oliseh's President Steps Down Borussia Dortmund announced yesterday that Gerd Niebaum would resign as president from November 14 but would remain with the club as a managing director. Niebaum, 55, had repeatedly denied media reports that he might resign after Dortmund posted the highest-ever debt in German soccer history. Niebaum has named his predecessor, Reinhard Rauball, as his successor. Rauball would take over the professional football operations with immediate effect, Dortmund said yesterday. The German team that won the 2002 Bundesliga championship said last week their liabilities rose to 118.8 million euros ($147 million) in their 2003-2004 fiscal year to June, up from 73.5 million euros a year earlier. Dortmund said Niebaum would continue working with the managing director Michael Meier until 2006. "He will continue to work with Meier in advancing the club's consolidation efforts," Dortmund said in a statement. Shares in Dortmund are worth only a fraction today of their debut price of 11 euros set four years ago. The club swung to a loss of 67.7 million euros in 2003-2004 from a 2002-2003 profit of 3.3 million. This season, management announced cost-cutting measures, adding to the club's woes after they failed to qualify for European competition. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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