After the fourth insolvency the GAK - Grazer Athletik-Sport-Klub- Fußball was declared closed.
After new personal and financial troubles under club president Anton Kürschner GAK filed for third insolvency and applied for compulsory settlement.
After personal and financial troubles GAK filed for second insolvency and applied for compulsory settlement, having prepared the step with his tax advisor and contacted his creditors beforehand. This strategy allowed the club to pay off the remaining debts and to continue the competitions
During the 2006-2007 season, the Austrian football league slapped Grazer AK with massive point deductions, relegating the team to the third league (Regionalliga).
The points were taken off due to the team's insolvency, infractions in the procedure to acquire a league licence as well as failure to follow Bundesliga instructions to compensate a former player. Sticher resigned in July 2007
The term of club president Karl Sükar ended surprisingly after only 13 months. At the general assembly on 14/07/2006 Sükar resigned, his deputy Stefan Sticher was elected president.
On 31/03/2006 GAK president Sükar appointed Peter Svetits General Manager of GAK. Svetits was a footballer in the regional leagues. Club president Fischl made him vice president and club manager in 1995 before he was elected GAK president in 1998. When Rudi Roth followed him as president, Svetits stayed on as sports director, before he was wooed away to Austria Vienna by Frank Stronach at the end of 2001, where he was sports director until Mai 2003.
Walter Schachner has been sacked as coach of Austrian side Grazer AK after a dispute with president Harald Sükar over the club's transfer policy.
"We are not in the best financial position and therefore have to reduce our expenses and not invest in new players," said Sükar, who became president last year. Schachner, 48, had been in charge for three years, leading GAK to their first-ever Austrian title in 2003/04 and taking the club into Europe.
Schachner has been replaced by the former SV Austria Salzburg and FK Austria Wien coach Lars Söndergaard.
California Governor Arnold Schwarzenegger cut his honorary ties to his hometown in Austria, yesterday, after officials in Graz criticised him for denying clemency to a death row inmate.
Schwarzenegger demanded that the city stop using his name on the SK Sturm Graz & Grazer AK Football stadium, as well as in promotions. He is also said to have returned a 'ring of honour' that he had been awarded by city officials in 1999, saying politicians in his home town now appeared to have rejected him.