After the DFL recently gave the green light for Porsche to join VfB Stuttgart, the deal has now been made official.
Perfect start: Porsche is now involved with VfB Stuttgart. IMAGO/image broker
VfB had to be patient for months before the DFL signaled Porsche’s entry (the kicker reported). Now the Swabians announced that the deal was perfect. “In a first step, the Volkswagen subsidiary acquired 5.49 percent of the shares in VfB Stuttgart 1893 AG,” the Stuttgart-based company announced on Friday.
Overall, Porsche AG wants to capture a little more than ten percent, which should happen in June. A second tranche of 5.20 percent is then planned. How much money this will bring into the Stuttgart coffers has not been officially communicated. No information was given about the sum, which is said to be 41.5 million euros.
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There had previously been a long review process because questions about association law had arisen “due to the corporate law connections between Porsche AG and Volkswagen AG as well as other investments by the Volkswagen Group in football clubs,” as the German Football League announced. The question was discussed controversially, but a stop was not made: “As a result, the DFL executive committee considers the planned participation of Porsche AG in VfB Stuttgart 1893 AG up to a level of 10.41 percent to be compatible with the statutes.”
With this long-term commitment, Porsche would like to become even more committed to the Stuttgart region.
Deputy Chairman of the Board at Porsche Lutz Meschke
VfB also confirmed that Porsche will now also have two seats on the supervisory board of VfB Stuttgart 1893 AG. “In addition, Porsche will be extensively involved as a sponsor of VfB Stuttgart in the coming years and, among other things, will support the youth performance center.” Young people are particularly important to the car manufacturer, as Lutz Meschke, deputy chairman and board member for finance and IT at Porsche AG, said: “With VfB Stuttgart we are united by a great tradition. With this long-term commitment, Porsche would like to become even more committed to the Stuttgart region , in which we are both deeply rooted. We are particularly concerned with social issues through our youth support under the motto ‘Turbo for talent’.
President and Chairman of the Supervisory Board Claus Vogt warmly welcomed the sports car manufacturer. “We would like to warmly welcome Porsche to our VfB family and are very much looking forward to working together.” Meanwhile, CEO Alexander Wehrle was pleased that “the Württemberg global brand alliance is now formally complete.” In addition to Porsche, Mercedes Benz (10.4 percent) and Jako (1 percent) are other partners of the Stuttgart company.