With this investment, the HSV Fußball AG is valued at EUR 250 million. According to press reports, an expert opinion of audit firm KPMG had previously determined an enterprise value of more than EUR 300 million. Asked if the HSV could be satisfied with the achieved valuation HSV-CFO Frank Wettstein explained: "Overall, from the perspective of the HSV, including the mother Verein, we are confident that the issue price represents a fair return for the surrender of the shares. Outsiders may see that different, but they also have little insight into the actual situation at HSV."

Also from the perspective of a market valuation the HSV has obviously not sold himself at less than fair value in the recent transaction. This is one result of an yet unpublished survey by the advisory boutique edelhelfer, which examines the value of clubs in the Bundesliga. "Measured by his current economic performance the HSV was valued even slightly above average in the national comparison", commented edelhelfer managing director Niels Gronau.

When asked whether the process of equity acquisition has ended with Mr. Kuehne´s investment or further investors could be expected, Frank Wettstein continued: "We are in discussions with various partners which we continue with the same diligence as before and we will decide as it is the best for the HSV in due course."

Source: edelhelfer-analysis, HSV Fußball AG
Pictures: HSV Fußball AG