When Leo Kirch's media group was at the height of its troubles at the start of the decade, the German mogul told an interviewer a joke about a man who thought he was dead but whose friend comforted him by pointing out that at least he was not bankrupt. "Well, I have my own version," Mr Kirch continued. "They say I'm bankrupt. But at least I am not dead."

This week, Mr Kirch, now 81 - whose media group collapsed in 2002 in Germany's then largest bankruptcy - has made a dramatic comeback. His agreement to market rights to Bundesliga football matches sees him returning to doing what he likes doing best: wheeling and dealing in the entertainment and sports business.