Lars Windhorst had big plans for Hertha BSC. But the reality is a relegation battle. How Windhorst earns his money and what the club spent the investor millions on.
In June 2019, Lars Windhorst joined Hertha BSC as an investor. His initial investment of 225 million euros was followed a year later by another of 50 million and a third of 100 million. Makes around 375 million euros in less than three years.
The money for the capital club comes from Tennor Holding BV, whose founder and owner is Windhorst. Tennor is a self-described investment firm that invests in public and private companies with the aim of rapidly increasing their value.
Windhorst: “Investment brought only disadvantages”
If you transfer this business model to the investment at Hertha BSC, this project has so far failed miserably. In any case, there was no sporting success for the huge sum. Instead of the proclaimed goal “Hertha international”, the reality is “Hertha on the brink of the 2nd division”. “Big City Club” became a household word, but it was never filled with life. Investor Windhorst was recently angry about this: “So far, investing in Hertha has only brought me disadvantages, apart from positive experiences with many members.”
But what did Hertha actually spend all the Windhorst money on?
When Windhorst joined, the club still had liabilities, especially with the American investor KKR. These have been settled. It is said to have been about 100 million euros.
A considerable part also flowed into new players. In the first transfer period under Windhorst, around 130 million euros were spent on newcomers. In addition to the respective transfer fee, the sum also includes salaries and commissions. The top additions Tousart, Piatek, Lukabakio, Cunha and Ascacibar alone cost 97 million euros in transfers.
Corona tore a big hole
Then Corona came. Like all other clubs, the pandemic hit Hertha hard. Finance boss Ingo Schiller announced at the general meeting in January this year that the loss of income during the Corona period was estimated at 100 million. Another part of the Windhorst millions was used to absorb this.
Equity increases were also carried out with the money. Most recently in June 2021 from 36.7 to 107.5 million euros. In addition, liabilities of around 50 million euros were reduced.
A single-digit million amount is said to have benefited the infrastructure of the capital club.
A lot of money that has flowed into many areas. But in the most important sector, namely on the pitch, there is still a major disproportion between effort and income.