Puma, Evonik, Signal Iduna Set To Take Stake In Bundesliga Side Borussia Dortmund
Sponsors Puma, Evonik and Signal Iduna "will buy a stake in Borussia Dortmund" as the Bundesliga club "raises funds to compete with Bayern Munich," according to Bryan & Grohmann of REUTERS. The club said on Thursday that it will issue up to 24.5 million shares in a capital increase worth up to €114.4M ($152M) "to boost finances and reduce its debt." Puma, "eager to strengthen its sporting credentials in a turnaround plan that breaks with a previous focus on sports-inspired fashion," said that it was ready to buy a stake in the team that finished second last season. Puma said in a statement, "By potentially acquiring up to five percent of its capital stock through the planned capital increase announced today by Borussia Dortmund, Puma seeks to underpin its long-term, strategic partnership and to intensify the cooperation with one of Germany's top clubs." New shares will be offered at €4.66 ($6.20). Dortmund said that Puma, Evonik and Signal Iduna, which has bought the stadium's naming rights, "have agreed to subscribe to a certain number of shares" (REUTERS, 8/21). HANDELSBLATT reported Borussia Dortmund is planning on using €40M ($53M) "to reduce its liabilities." Dortmund also announced that Signal Iduna extended its stadium naming-rights deal for an additional five years until June 30, 2026 (HANDELSBLATT, 8/20). Puma, Signal Iduna and Evonik are ready to sign a total of up to 17.6% of the new shares (Borussia Dortmund).