A former side in the German top tier football league 1860 Munich have been relegated to the third tier.

The slip has caused uproar as many did not expect such a slump. The club announced on their website that they know it is “not acceptable for the whole ‘Lions’ family.”

With the results, Jordanian investor HasanIsmaik’s move would crucial as the club suffers weak finances. The Munich based side would be forced to declare insolvency unless Ismaik commits to the future of the club. The club has until Friday to pay €5 million to the Football Federation in Germany (DFB) for a third division license.

The plans of the investor remain unclear and he even missed the game on Tuesday. The fans would not mind he left but the club would have to declare insolvency, and then there would likely be a free fall to lower levels.

The club is set to lose its players as their contracts are not valid in the third division. After the match, the president Peter Cassalette resigned from his role. The chief executive Ian Ayre already left before the game. Ayre said the shareholders have varied interests and do not have a shared vision.

1860 finished third from the bottom despite having the third most expensive squad in the second division. They lost a playoff game against Jahn Regensburg – a recent tier four football team. The response from the fans was as expected: very bad. It could have escalated into something else but about 1,000 riot police were on ground to manage the situation.

For a club that shares the same neighbourhood with Germany soccer giants Bayern Munich, Kicker said it was “shameful.” They won the Bundesliga in 1966 and played in the top flight in 2004. After a series of issues, it seems they are only set for more ruin.