Bundesliga Club Hamburg SV Members Vote For 'HSVPlus' Restructuring Proposal
Bundesliga club Hamburg SV members "have voted to separate the club's professional football department from the main club at its annual general meeting on Sunday," according to SPIEGEL ONLINE. A total of 79.4% of the members "voted for restructuring the club." However, the decision "is not yet binding, and there will be another vote on the restructuring proposal during the summer." The restructuring proposal, "HSVPlus," calls for separating the football department from the main club and turning it into a public holding company. This would allow the football department to sell up to 24.9% of its shares to strategic partners. Former Exec Board Chair Ernst-Otto Rieckhoff, who created "HSVPlus," said, "We could generate up to €100 million ($136M) in the next several years" (SPIEGEL ONLINE, 1/19).