Second division soccer team Hamburger SV will receive new funds in the double-digit million range from billionaire Klaus-Michael Kühne. HSV announced this on Tuesday evening.
At an extraordinary general meeting on Tuesday morning, the shareholders of HSV Fußball AG gave their approval for a so-called convertible debt shift in the amount of 30 million euros. According to “Bild”, the term should run until 2028, the interest rate is therefore 3.5 percent.
According to the club’s announcement, Kühne Holding AG had already agreed on the cash injection with the HSV board in April, and the supervisory board had also agreed. If the Nordklub does not repay the loan by the end of the period, the lender has the option of converting the loan debt into a shareholding.
“My Kühne Holding AG has supported HSV for many years, even before professional football was spun off, and feels closely connected to HSV Fußball AG as one of its major shareholders. Strengthening its financial foundation is a particular concern of ours,” explained Klaus-Michael Kühne the step.
Kühne hopes for imitators
It would be “desirable if there were capital inflows from different sides on a larger scale,” said the billionaire: “That’s why we subscribed to a significant amount of convertible bonds to encourage others to follow suit.”
The board of HSV Fußball AG decides how HSV will use the additional funds. Finance Director Dr. Eric Huwer explained: “This special commitment by Kühne Holding AG in the best interests of the club guarantees sustainable development to a particular degree, increases financial agility and contributes to the effective risk prevention of our HSV with foresight. We have worked out a good starting position on which we are not resting on our laurels, on the contrary, we are already taking targeted account of the scenarios and dynamic challenges facing us in our industry.”