Former German champions 1860 Munich initiate insolvency proceedings

[p]The club, known as 'The Lions', issued a statement on Thursday saying an administrator had been brought in to oversee insolvency proceedings.[/p][p][b]The proceedings seek to "obtain an overall picture as quickly as possible in order to review and initiate the next steps together with the management," the club said in a statement.[/b][/p][p]Bundesliga winners in 1966, [a href="https://www.flashscore.ca/team/munich-1860/byXHwsJa/"]1860 Munich[/a] were at one time bigger than city rivals [a href="https://www.flashscore.ca/team/bayern-munich/nVp0wiqd/"]Bayern Munich[/a].[/p][p]Unlike Bayern, 1860 were a founding member of the Bundesliga.[/p][image alt="A fan pictured at the club's general meeting" id="19e0fdc4-dc01-46b2-b3a9-c5f504b4360b" credit-line="Czech News Agency / DPA / Karl-Josef Hildenbrand" guid="d815b5ef-4ce2-4d29-83b0-d97314c576e1" original-width="1400" original-height="933" /][p]The Lions were in the German top flight until the mid-2000s but have been plagued by financial problems in recent years.[/p][p][b]Despite finishing eighth in the third division last season, they suffered a forced relegation to the semi-professional fourth tier due to a lack of liquidity.[/b][/p][p]Founded in 1860 as a multi-sports club, a football division was not added until 1899.[/p]