Porsche AG’s entry into the Bundesliga soccer club VfB Stuttgart is perfect.
In a first step, the Volkswagen subsidiary acquired 5.49 percent of the shares in VfB Stuttgart 1893 AG, the Swabians announced on Friday. The second tranche of 5.20 percent is planned for June 2024. Official information on the amount was not provided; according to reports, VfB will earn a total of around 40 million euros from the share sale.
This was preceded by a long testing process. The German Football League announced that “due to the corporate law connections between Porsche AG and Volkswagen AG as well as the Volkswagen Group’s other investments in football clubs,” questions about association law had arisen. “As a result, the DFL Presidium considers Porsche AG’s planned stake in VfB Stuttgart 1893 AG up to a level of 10.41 percent to be compatible with the statutes.”
Porsche’s commitment also includes two seats on the AG’s supervisory board, VfB said. “We would like to warmly welcome Porsche to our VfB family and are very much looking forward to working together,” said Claus Vogt, President and Chairman of the Supervisory Board of VfB. Other partners are Mercedes-Benz Group and Jako. CEO Alexander Wehrle said: “The Württemberg global brand alliance is now formally complete.”
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STUTTGART/BONN (dpa-AFX)
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