Things finally got cleared up, and Wuppertaler SV is officially in insolvency proceedings. In an perverse sort of way, this is actually a good thing.
As you might recall, dissidents launched the “WSV Initiative 2.0” campaign to take over the management of the club, and it was overwhelmingly approved. Key point (aside from dumping all the ruling Politburo puppets of the ringmaster in charge) was to take the club into administration and wipe out the debts, but thereby get forcibly relegated to start over. Another good point was to drop the name “Borussia”, which had been forced upon WSV as part of the ill-thought merger with Borussia Wuppertal. (BTW, some good news in that some of the old Borussia members are now trying to re-establish their club, good luck to them.)
One of the key aspects was to achieve formal court recognition of insolvency by June 30. This was important, since it means that WSV starts the coming season in the 5th division Oberliga Nordrhein. If the court had delayed, then WSV would have actually had to continue in the 4th division and then basically have all matches annulled and get forcibly relegated, meaning the loss of a whole season.
Most of the players have been released from contract, although some promising new ones have signed up. With an expected budget of only 850,000 euros, the full professional contracts are no longer feasible. (The Regionalliga budgets were usually around 3.5-4.0 million). The WSV-II squad of U23s will backfill several players. WSV-II did reasonably well, finishing 7th in the Oberliga. (They get automatically dropped to the Verbandsliga with the main team relegation).
Training for the new season has started, and the first scrimmage/friendly against Regionalliga side SC Verl actually drew 400+ fans, which is pretty decent for this time of year. The WSV team was mostly made up of U23 players. The match ended 0-0, which is actually an improvement, since WSV got bitch-slapped 4-1 by the same Verl squad on the last day of the just finished Regionalliga season.