Bjorn Borg in Financial Trouble: Bjorn Borg...

Bjorn Borg in Financial Trouble: Bjorn Borg said he refused an offer of fresh capital to rescue his struggling fashion business built on earnings from his 10-year championship tennis career. Borg, 33, said he turned down $4.6 million to help Bjorn Borg Design Group because he was afraid of losing control of his companies. Borg said he was negotiating other financing to keep his business afloat. “I remain committed to the business and am in the process of trying to reorganize the management and corporate structure of the group,” Borg said in a statement. Bjorn Borg produces a line of designer fashions, fragrances, shoes and accessories, and has real estate interests in Sweden. Lars Skarke, who has a 25% stake in Borg’s companies, said the group was facing a “shortage of liquidity which is forcing the closure of the group.”