“Historic step”
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“Porsche’s” entry into 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. “Due to the corporate law connections between ‘Porsche AG’ and ‘Volkswagen AG’ as well as other investments of the ‘Volkswagen’ Group in football clubs,” questions about association law had arisen, the German Football League said. “As a result, the DFL Presidium 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.”
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The VfB announced that “Porsche’s” commitment also includes two seats on the AG’s supervisory board. “We would like to warmly welcome ‘Porsche’ into 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” (10.4 percent) and “Jako” (1.0). CEO Alexander Wehrle said: “The Württemberg global brand alliance is now formally complete. The entry of ‘Porsche’ and ‘MHP’ is a historic step that ensures us long-term scope for action and stability. We will use this to prepare VfB for the future and to further develop it.” In addition, the club plans to sell the remaining 3.9 percent of the shares in accordance with the statutes through a further capital increase in the coming years.
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