Overview

• The Deutsche Fußball Liga (DFL) announced that all 36 Bundesliga and 2. Bundesliga clubs have received provisional licenses for the 2025/26 season.
• Schalke 04 was granted an unconditional license despite €98.1 million in negative equity but must improve its net equity by 5% in 2025 to avoid a potential points deduction in the 2026/27 season.
• Hertha BSC's license approval is conditional, requiring the club to meet an economic criterion by June 4, with final decisions expected by mid-June.
• The DFL licensing process evaluates clubs on financial, sporting, legal, and administrative criteria to ensure competitive integrity and financial stability.
• Schalke met similar equity improvement targets in 2024 through revenue from transfers and events, but the club faces ongoing financial challenges.