VIENNA, Oct 24 (SW) – Debts of close to €6 million has led to Sturm Graz President Hannes Kartnig to file for insolvency.

However they still wish to continue the season by fulfilling all their fixture obligations.

The reason for insolvency has been squarely blamed on the club’s heavy spending from 1998 – 2001 when the club bought players in an effort to be successful in the Champions League during that period.

A decision as to whether they will be allowed to play their fixtures will be made known in around a week’s time.

The club is due to celebrate its centenary in 2009.

Sturm Graz, have been Austrian champions twice (1998 and 1999). They have also won the Austrian Cup three times in the last decade and currently lie in sixth spot in the 10-team Austrian premier league.