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 Posted by Stephan Uersfeld
Aug 22, 2014

Dortmund could net €115m share deal

Borussia Dortmund head coach Jurgen Klopp is expecting a tough test from Bayer Leverkusen in their season opener.

Borussia have announced a capital increase move with three companies agreeing to purchase 17.6 million of the club's shares in a deal that could generate up to 115 million euros for the Bundesliga side.

- Buczko: Deja vu for BVB in Leverkusen opener
- Cox: Dortmund building Arsenal-like empire

On Thursday, Dortmund -- the only German football club listed at the stock market -- announced its decision to implement a capital increase, and will issue up to 24.5 million new no-par value shares at a subscription price of 4.66 euro per share.

Earlier this summer, BVB had announced the target of entering a strategic partnership with three renowned companies. Two months ago, main sponsor Evonik bought 9 percent of the club's shares, and has now subscribed to more shares.

The other two subscribers are local insurance company Signal Iduna, which also renewed its contract for the naming rights to Dortmund's Westfalenstadion until 2026, and sportswear company Puma, whose equipment contract runs until 2020.

Dortmund could generate up to 115 million euros through the move, and announced that they will "... use about 40 million euros for the reduction of financial liabilities, while remaining funds will be held to increase financial resilience as a liquidity reserve."

Dortmund CEO Aki Watzke told a news conference on Thursday that the deal would mean the club would be "completely debt free" just nine years after BVB faced bankruptcy with debts above 150 million euros in the spring of 2005.

A week ago, Dortmund announced a turnover of 260.7 million euros, and a profit of 12 million euros during the last Bundesliga season, and they now hope to increase the turnover beyond the 300 million-euro mark before transfers.

But despite the news, Dortmund coach Jurgen Klopp has ruled out adjusting BVB's strategy, refusing to splash out millions on new contracts to keep sought-after players like Marco Reus or Ilkay Gundogan at the club.

"We are not in England or Spain, where wage differences of 400 to 500 percent are normal. Our squad health is especially important and that the salaries don't clash too much," he said.

German broadsheet Suddeutsche commented that BVB are following in the footsteps of Bayern in a piece headlined "A bit like FC Bayern," stating: "Dortmund appear to have picked up the scent of FC Bayern, albeit with a much more modest scope."

The Bundesliga champions are run similarly to a joint stock company, with the Bayern Munich AG owned by the club itself, who hold the majority stake with 81.8 percent, and the three partners Adidas, Audi and Allianz, which hold 9.1 percent of the share.

Speaking at a PR event in Munich on Friday, Bayern Munich CEO Karl-Heinz Rummenigge -- who has been arguing with Dortmund throughout the summer regarding the future of BVB attacker Marco Reus -- said: "BVB has copied Bayern's financial strategy. This is the biggest compliment the club could pay to us. But it's like in real life: sadly, every copy is not as good as the original."

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