Football
9y

Hamburg receive donation towards financing new youth training centre

A local businessman has donated 10 million euros to Hamburg to help finance the club's new youth training centre, while the Bundesliga club have reported a 6.6 million-euro loss for the last six months.

Three days after revealing transport tycoon Klaus-Michael Kuhne's investment, the club announced another multi-million-euro deal at their annual members' meeting on Sunday.

On Thursday, Kuhne bought 7.5 percent of the club's shares and the naming rights to their stadium in a deal worth 35 million euros.

And on Sunday, Alexander Otto donated 10 million euros to help finance the new HSV Campus. Construction work is set to begin this year, and the club hopes to open it in 2017.

"It's been a good news week," HSV CEO Dietmar Beiersdorfer was quoted as saying by kicker, calling Otto's donation "a huge step for the development of the club."

The HSV Campus was initially planned to be financed through a 17.5 million-euro bond issued to Hamburg fans in 2012, but when the club hit financial troubles those funds were partially used to keep things afloat.

Hamburger Abendblatt reported on Monday that Hamburg could receive another financial boost over the next few weeks, with the possibility of a private lender turning an eight million-euro loan into club shares as Kuhne did last week.

The club, currently languishing near the relegation zone, reported a deficit of 6.6 million euros for the first six months of the season and a total turnover of 92 million euros.

The club's assets were given as 144 million euros, with the overall debts close to 100 million euros.

"We don't exactly bathe in money, but we have stabilised the financial basis of the club," Beiersdorfer said.

^ Back to Top ^