Thursday, May 23, 2024
    HomeBusinessWindhorst admits million-dollar loss on Hertha sale

    Windhorst admits million-dollar loss on Hertha sale


    374 million euros invested
    Windhorst admits million-dollar loss on Hertha sale

    This audio version was artificially generated. More info | Send feedback

    He promises to transform Hertha into a “big city club”. In 2019, Lars Windhorst invested several hundred million euros in the football club. But nothing comes of his big plans and soon a private equity group buys his majority stake – for far less than he paid for it.

    374 million euros: This is how much Lars Windhorst has invested in the Berlin football club Hertha BSC since 2019. In 2022 he then sold his majority stake in one fell swoop to the private equity group 777 Partners. The sale price was not made public at the time. As the “Financial Times” reports, Windhorst now admits at a court hearing in London that he will only receive 65 million euros for his Hertha shares.

    At the hearing, Windhorst was cross-examined about his financial situation. Previously unknown details of the sale of Hertha BSC to the US company came to light. According to his own information, Windhorst will be paid the equivalent of 15 million euros for the sale. 50 million euros were offset against a loan that 777 had previously granted him.

    Part of the agreement is also a “performance-related” payment of up to 35 million euros, which could be due in the future. Windhorst did not explain under what conditions, he also said that the private equity group had not yet paid the full 15 million euros. He couldn’t remember how much had come in so far. Windhorst denied before the London Court that 777 had therefore defaulted on the contract. “From my point of view, there was no late payment,” said the German entrepreneur. He agreed to defer part of the payment in order to be able to later receive a “three-digit” million sum from the sale.

    Windhorst was unable to explain how this is possible when the performance-dependent additional deal provides for a maximum of 35 million euros. He was “not up to date” on the details of the deal, noting that he “personally does a lot of transactions.”

    Windhorst first invested in Hertha BSC in 2019, at a time when he was still receiving large sums from the French H2O Asset Management. He promised large investments to transform the ailing club into a “big city club”. But after Windhorst’s purchase, the situation on the field did not improve. His term of office was overshadowed by various disputes with the club’s management. Last but not least, revelations from the FT showed how deep the rifts were between Windhorst and the club management: According to the British newspaper’s research, Windhorst had commissioned an Israeli security company to organize a campaign to depose club president Werner Gegenbauer.

    Related articles


    Please enter your comment!
    Please enter your name here

    Latest posts