Watzke agrees on contract extension with Dortmund

German football club Borussia Dortmund and CEO Hans-Joachim Watzke Monday agreed on a contract extension ahead of schedule.

The "BVB" and Hans-Joachim Watzke extended the current contract, dated until June 2016, until December 2019, reports Xinhua.

"Hans-Joachim Watzke has done an outstanding job in the past few years. He is the architect of Dortmund's recent successes. Dortmund is delighted to have such a professional at the top of the management until at least 2019," President Reinhard Rauball told the club's official homepage.

Watzke joined the club in 2005 to avoid the insolvency. The 55-year-old CEO was able to quadruple the revenues in eight years. Besides that he was able to reduce liabilities into the millions.

With Watzke, the club set course for the German championship in 2011 and the domestic double in 2012. In addition, Dortmund reached the UEFA Champions League final where they lost to rivals Bayern Munich.

"Dortmund has developed economically into one of the healthiest representatives of the European football at the top level. I am convinced that we are yet not at the end of our journey," Watzke said.

Borussia Dortmund completed the last season in second place to ensure a berth at the UEFA Champions League.