File photo shows Borussia Dortmund Chief Executive Niebaum addresses the annual shareholders' meeting in Dortmund. Borussia Dortmund's Chief Executive Gerd Niebaum addresses the annual shareholders' meeting in Dortmund in this November 25, 2003 file photo. Niebaum has resigned, the troubled German soccer club said on Wednesday, bowing to pressure from investors and fans after the club posted record losses and debts. In a surprise statement, Borussia said Niebaum wanted to end the debate around his position, which has affected the club's financial and sporting performance. The club's second chief executive, Michael Meier, will take over Niebaum's responsibilities for the time being, the club said. REUTERS/Ina Fassbender