Dortmund hopes to raise cash in stock issue
Aug. 21, 2014
DORTMUND, Germany (AP) — Borussia Dortmund is hoping to raise fresh capital with a stock issue expected to bring in 114.4 million euros ($151.72 million) in an effort to reduce debt and give the club more financial clout.
Dortmund is the only listed Bundesliga soccer club. It nearly went bankrupt in 2005 but has been recovering thanks to sporting success. Dortmund was the Bundesliga champion in 2011 and 2012, won the German Cup in 2012 and reached the Champions League final in 2013.
The club says its three main sponsors — chemicals company Evonik, apparel maker Puma and insurer Signal Iduna — have committed to buying the new shares.
About 40 million euros ($53.05 million) of the fresh capital will be used to reduce debt.