Bayern Munich pay off Allianz Arena 16 years ahead of schedule

FC Bayern Munich’s home stadium Allianz Arena

Munich, Nov 21: German football club Bayern Munich have announced that they have paid off Allianz Arena 16 years ahead of schedule.

The club's chief executive office Karl Heinz said Thursday that Bayern Munich paid off their 71,137-capacity stadium after 9.5 years. The German giants drew up a 25-year financing plan, until 2030, which was accomplished nearly 16 years ahead of schedule, reports Xinhua.

"The Allianz Arena is completely paid off. There is only a small amount left. The financing plan was designed for 25 years. However, we paid off the stadium after only 9.5 years and that, completely by private means, without a euro from the government, the state of Bavaria or the city of Munich," Heinz said.

The construction work for the Allianz Arena started in October 2002 before the stadium opened its doors for the first test match in May 2005. Bayern's home soil hosted six encounters during the 2006 FIFA World Cup, including the 4-2 opening victory over Costa Rica.

The Bundesliga front-runners host fifth-placed Hoffenheim at the 12th round Saturday. They sit atop the standings with a four point advantage to runner-up Wolfsburg.