For the sixth attempt to return to the Bundesliga, Hamburger SV received another financial injection. As announced by the Hanseatic League, shareholder Klaus-Michael Kühne is providing the club with “further funds of 30 million euros regardless of the league”.
“This special commitment by Kühne Holding AG in the best interest of the club guarantees sustainable development, increases financial agility and contributes to the effective risk prevention of our HSV with foresight,” said CFO Eric Huwer in a statement from the club.
In April, Kühne had already agreed on a EUR 30 million convertible bond with the board of directors of HSV Fußball AG. That means: Either HSV Fußball AG pays back on time, or the money is converted into further shares. The 86-year-old billionaire currently owns 15.21 percent.
“Through the commitment of Kühne Holding AG, we are increasing our performance while maintaining economic discipline.” “
— HSV CFO Eric Huwer
Will the legal form also change now?
A total of 24.9 percent may be sold, the remaining 75.1 percent of the AG shares are held by HSV eV In order to sell further shares, there is the possibility of changing the legal form from an AG to a partnership limited by shares (KGaA).
The conversion from the AG to a KGaA has been an issue for the HSV managers for several months – it is completely open whether it will come to that in the end. This requires a three-quarters majority among the members.
Only part of the money for the squad
The supervisory board had already approved Kühne’s latest offer. Now the other shareholders of HSV Fußball AG also followed suit at an extraordinary general meeting.
The board with Jonas Boldt, who is responsible for sports, and Huwer decide on the use of the funds. Only part of the funds should be invested in the team. The goal remains to finally make it back to the Bundesliga at the sixth attempt next season. In recent years, however, the rise has never failed due to money or a too small budget.
Kühne wants more investors
“My Kuehne Holding AG has supported HSV for many years and even before professional football was spun off and feels closely connected to HSV Fußball AG as one of its major shareholders,” said Kuehne according to the announcement.
It would be “desirable” if there were capital inflows from various quarters on a larger scale: “That is the reason that we have subscribed to a significant amount of convertible bonds in order to encourage others to follow suit.”
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Sports | 06/14/2023 | 06:00 a.m