The balance sheet looks unassailably solid. But a methodological problem: valuation standards such as RICS typically treat special-purpose properties via the DRC/cost approach, because comparable market transactions are absent and value is strongly use-dependent. For FC Bayern, the arena is hugely valuable — from a distress perspective, however, that value would be only partially realisable.
The market of potential successor tenants consists of precisely one third-division club — which couldn't afford the arena on its first attempt.