Today was a very important day in the history of Norwegian club FC Lyn Oslo as the club’s board met to decide whether they were going to declare bankruptcy.

The club needed NOK 17 million by noon today, to meet immediate creditor obligations. Lawyer Tom Schanke was among those leading fund-raising efforts, not necessarily to save Lyn but to save the season for Norway’s top league. If Lyn had gone bankrupt, all its matches would have been voided, which would have changed the results for several other clubs including Aalesund, Sandefjord and Molde.

HamKam of Hamar is also under bankruptcy threat, Norwegian media reports.

Lyn was founded in 1896 and initiated the foundation of the Norwegian Football Association in 1902. Lyn has a long and honorable history within its two main sports skiing and football. The club highlights are the Olympic gold medals won by Alf Andersen in 1928 and Ivar Formo in 1976, both in skiing. SFK Lyn Oslo won the double in 1968 and was the first Norwegian team to qualify for a quarterfinal in the European Cup. Six players from FC Lyn Oslo were part of the Norwegian team that won the bronze medal in the 1936 Berlin Olympics. Lyn`s Arne Brustad was, until 1994, the only Norwegian with a goal in the world cup. One of the bronze medal winners from 1936, Jørgen Juve, still has the Norwegian record for most international goals.

Read more on LYN.no