Update, Feb 12: The club has released a statement through their website, claiming that they “accept only one solution”. Read the full thing here.

Update: Golden Pudel insiders say the venue will stay open after April.

FACT illustrator and Pudel employee Alex Solman said he hopes club continue running after the building is auctioned.

“The Pudel Club has a contract for the next 12 years. Whoever is going to buy has no chance to end this contract so easily,” he said “Things will not be that easy for us in the near future, but it is not hopeless”.

The venue will foreclose this spring following an ongoing conflict between owners.

Golden Pudel has been a fixture in Hamburg – and a home to DJs including Helena Hauff – since owners Rocko Schamoni and Wolf Richter set up shop in 1989. Now after ongoing disputes, the venue will be sold in April.

The issue stretches back to 2014 when Schamoni (who owns the first floor of the building, containing Golden Pudel (took Richter (who owns the second floor containing and cafe and restaurant) to court for allegedly not covering his share of costs. Richter then cancelled their joint contract in April of last year, leading to the current financial issues that will result in a foreclosure.

Since threats of foreclosure began last year, Golden Pudel has been supported by a campaign called The Freaks Are All Right who have protested again buyers. If Schamoni can hold on to the building, he has a contract on the space for another 12 years.

A crowdfunding campaign was launched earlier this week, though the Pudel has distanced itself from the project. [via Electronic Beats]