Former German champions 1860 Munich initiate insolvency proceedings

The club, known as 'The Lions', issued a statement on Thursday saying an administrator had been brought in to oversee insolvency proceedings.

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.

Bundesliga winners in 1966, 1860 Munich were at one time bigger than city rivals Bayern Munich.

Unlike Bayern, 1860 were a founding member of the Bundesliga.

The Lions were in the German top flight until the mid-2000s but have been plagued by financial problems in recent years.

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.

Founded in 1860 as a multi-sports club, a football division was not added until 1899.