He earned a
Master of Business Administration degree from
Paderborn University. He founded and expanded Watex, a company specializing in safety clothing, which achieved sales of €15–20 million and employed 45 people.
Work at Borussia Dortmund He became
treasurer of Borussia Dortmund in 2001. In 2005, at the height of the club's financial crisis, he was appointed chief executive officer. Alongside chairman
Reinhard Rauball and
CFO Thomas Treß, Watzke is credited with having saved the club from bankruptcy. He restructured and streamlined the club, implemented strict cost-cutting measures, and followed a clear financial plan. A 20% pay cut was applied to all players. In 2006, to reduce debt, the
Westfalenstadion was renamed "Signal Iduna Park" after a
local insurance company (the naming rights agreement runs until 2031). In 2024, it was announced that he would step down as CEO the following year. His replacement was named as
Lars Ricken. ==Administrative career==