A first win since February offered Hertha Berlin a rare Saturday of hope and happiness. But this weekend's 2-1 victory over Stuttgart, one of the few sides Hertha can catch in their mission to stay in the Bundesliga, has been overshadowed by an existential threat.

On Monday, the German broadsheet Süddeutsche Zeitung reported that the club are in danger of failing to meet the requirements necessary to play in the top two divisions, regardless of where they finish this season.

It's the latest twist in a tumultuous period for the club who, until the recent emergence of Union, were Berlin's biggest.

What's the issue?

There are two main problems. The first is that Hertha are due to pay back a bond of around €40 million later this year, but don't have a huge amount of cash or saleable assets in the playing squad.

Second, the paper's source claims that Herta's relationship with new US investors 777 Partners has breached the 50+1 rules. The system, a major talking point in the German game in recent years, essentially stipulates that clubs must be majority owned by their members, with a few exceptions and loopholes. The suggestion is that 777 have overriden this and wield too much power.

How did it come to this?

It was only three years ago that Lars Windhorst threw €374 million ($410 million) at Hertha in a blaze of publicity centered around a new slogan and identity as a "big city club.” Windhorst eventually sold to 777 at the end of last year.

During his time with Herta, the club spent a decent chunk on transfers and wages with no discernable uptick in performances. They survived in the relegation playoff last season having been in the lower half of the table the two seasons before that.

This is in stark contrast to Union, who have flourished in the Bundesliga on a much smaller budget. Union has finished above Hertha in the last two seasons and will again this time around. They've also won the last five Berlin derbies.

Among many lowpoints in the last few years was the 76-day reign of former Germany player and coach Jürgen Klinsmann. To many, it spoke to Hertha's overambitious moves.

What next for Hertha?

The club remain tight-lipped. "We are in regular contact with the DFL, both regarding the ongoing licensing process and the content of the partnership with our investor 777 Partners," a spokesperson said on Monday.

"Both topics must be discussed and clarified while complying with all legal requirements – in particular the 50+1 rule – and substantive specifications," the spokesperson continued. "However, we will not comment further on these ongoing processes and speculation in the media at the moment."

They will have until June 30 to resolve any issues and a whole range of penalties or sanctions could be imposed. The DFL, who run the Bundesliga, may be keeping a keener eye on situations such as this given the controversy over selling a portion of their international TV rights to overseas investors.

What about on the pitch?

If things look bleak in the boardroom, they don't look a whole lot better on the pitch. Club favorite Pal Dardai returned to the head coaching role for a second time since departing in 2019 in April. He thinks his side must concentrate on continuing to blow oxygen on to the embers of their recovery.

"Teams are able to win every game at the end of the season, and that's why we'll continue to fight as long as it's possible," he said. "We haven't managed anything yet, but we're in a better position now. From the three games left, two wins may be enough to avoid automatic relegation and with three we might even be able to guarantee survival.

"We will give everything to get the most out of them," he added. "As long as it's in our own hands, we don't need to talk about hope. I don't like the word 'hope.'"

What happens next?

Dardai may not like it, but regardless of whether his side can take enough points from a trip to Cologne followed by a home match against Bochum and a final day clash in Wolfsburg, he'll also have to hope any issues are resolved off the pitch.

Though relegation to the 2. Bundesliga is still a distinct possibility, being kicked out of the top two leagues is less likely. It's not without precedent though: second-tier clubs Duisburg and 1860 Munich saw their licenses revoked in 2013 and 2017, respectively. Given how Hertha have been operating lately, it's not impossible that they'd follow suit.