Despite high debts: HSV rejects 120 million euro offer from Kühne

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Klaus-Michael Kühne (photo from 2017): Higher investments against more say

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Christina Sabrowsky / dpa

Second division soccer team Hamburger SV rejects the 120 million euro offer from investor Klaus-Michael Kühne.

The ten-point catalog of requirements "cannot be implemented in this form," said Chairman of the Supervisory Board Marcell Jansen on Monday.

However, HSV sees the Kühne offer "as a further impetus that we will deal with".

Kühne demands significantly more say in the club for possible investments and wants to increase his shareholding in HSV to 39.9 percent.

In return, HSV eV is to reduce its stake from 75.1 percent to 50.1 percent.

This means that Kühne would have a blocking minority in the club and could block decisions by the club's committees.

The highly indebted HSV urgently needs new income.

Nevertheless, Jansen emphasized that “the limits for the sale of shares are anchored in our articles of association”.

The maximum for foreign investors is currently 24.9 percent.

An amendment to the statutes can only be achieved by a three-quarters majority in membership.

However, the majority rejects this.

According to Jansen, the executive committee was commissioned in 2021 to evaluate the best possible legal form for HSV.

The conversion into a partnership limited by shares is under discussion.

Jansen said he wanted to “exchange his offer directly and personally with Mr. Kühne”.

Jansen expresses his confidence in board members

Kühne, whose fortune the US business magazine »Forbes« estimates at 36 billion dollars, wanted to gain significant influence.

Among other things, he wooed the fans by wanting to rename the Volksparkstadion to the Uwe-Seeler-Stadion.

Regarding the dispute between the board members Jonas Boldt (sport) and Thomas Wüstefeld (finance), Jansen said: "We have clearly expressed our trust in both board members and stand behind the respective plans and objectives." The board members from Boldt and Wüstefeld are "fully supported by us "Assured the 36-year-old club president.

kjo/dpa