Borussia Dortmund Sponsor Evonik Acquires Stake in Team
By Community | June 27, 2014
Bundesliga football club Borussia Dortmund has revealed one of its major sponsors Evonik has secured a 9.06 percent stake in the club.
Chemicals maker Evonik injected 26.7 million euros into the German club. Dortmund plans to use the proceeds in the player transfer market, viagra strengthening its equity base and open a representative office in Asia.
Dortmund, also known as BVB, extended its main sponsor agreement with Evonik to the 2024/2025 Bundesliga season. The current contract would have expired in 2016.
“The new sponsorship agreement and Evonik’s stake in BVB mean we will be consistently able to field top players both in Germany and abroad,” Dortmund Managing Director Hans-Joachim Watzke said in a statement.
Germany’s largest lender Deutsche Bank earlier this month said it had considered taking a stake in the club but decided against it.
Evonik, a maker of high-tech plastics, feed additives and clear acrylic sheet, started sponsoring the football club in 2006 to boost public awareness of the Evonik brand, which it introduced in 2007. Its previous businesses were known as Degussa and RAG.
New shares are being issued to Evonik at 4.37 euros apiece, a 5 percent discount over the average closing price over the last five trading days, Dortmund said. The shares traded 1.6 percent lower at 4.45 euros at 1105GMT (12.05 p.m. BST).
Dortmund signalled there may be more projects to be funded by new investors.
“The Executive Board will continue its exploratory discussions with companies that have an interest in a strategic partnership,” the club said.