A murmur went through the hall, and one or the other eyebrow twitched up. Did Thomas Wüstefeld, CEO of Hamburger SV, really just say that? In fact, he did: HSV, Wüstefeld announced two weeks ago at the general meeting of the second division club, would close the current financial year with a “black zero”, i.e. not show a negative result in the balance sheet for the first time in twelve years.
Wüstefeld grinned triumphantly, like an illusionist who has just performed a circus act in front of his audience. Only: The HSV audience has become suspicious of good news, no wonder after a decade of relegation and disappointed expectations. And anyway, there was something: The thing with the 23.5 million euros that the city of Hamburg transferred to HSV so that the Hamburg Volkspark Stadium could be brought into shape before the 2024 European Football Championship – where did it go now , the money?
HSV board member Thomas Wüstefeld.
(Photo: Philipp Szyza/Imago)
The HSV members have known for a long time: The money is almost completely used up, although the renovation work has not even started.
HSV had to plug corona losses with the EM millions
At first glance, a deal concluded in September 2020 only seemed to produce winners: HSV, at the time shaken by corona-related sales losses and the second non-promotion, sold its stadium grounds to the city – for those 23.5 million euros. According to the agreement, all the renovations required for the EM should be carried out with the proceeds. That was good for HSV, because the aging Volkspark Stadium would have to be modernized in the medium term anyway. But that was also good for the city of Hamburg, which has always defined itself as a proud sports city. An EM without the Hanseatic metropolis? Hardly conceivable. In addition, the city was able to avoid investing money in a stadium that it does not even own. Compared to this variant, a cross-subsidy from HSV seemed almost elegant.
The only problem was: The pandemic flushed the club coffers empty, HSV lost more than 30 million euros due to viewer restrictions alone. Holes that the club also had to plug with the municipal EM millions.
For a few weeks now, the HSV board member in Wüstefeld, who is responsible for the finance department, among other things, has been taking part in one crisis summit after the other, with the city, but also with the continental soccer association Uefa. His line of argument: The deal was a bad deal for HSV from the start – and it’s all the more so now that prices are rising everywhere due to inflation. Circles close to Uefa, on the other hand, share the assessment of the city of Hamburg that the expected costs are likely to be in the low seven-digit euro range. Among other things, the stadium roof, the escape lighting systems, the scoreboard and the sanitary facilities were to be renewed. Wüstefeld’s strategy now stipulates that only what is absolutely necessary should be done. Details have recently been haggled with Uefa in particular: do the toilets really have to be completely renovated – or are toilet containers in front of the stadium enough? The main thing is that the costs go down.
There will be no more money from the city – the HSV still has to complete the renovation on time
Apparently, Wüstefeld was successful in doing so, and according to Uefa, withdrawing the five European Championship games should no longer be an issue. However, there will definitely be “no further grants”, as the city of Hamburg announced when asked by SZ. It is now up to HSV alone how the renovation work is done on time.
It remains unclear who is to blame for the misery. Frank Wettstein, Wüstefeld’s predecessor on the board of the traditional club, negotiated the deal for HSV at the time. There are mixed opinions from club circles about the work of the chief financial officer, who left in January of this year. Some find that Wettstein had no choice but to use the EM money for ongoing operations. Others sometimes use the word “embezzlement”, which is legally hardly tenable: the 23.5 million euros were not “earmarked”. Should the HSV “culpably not carry out the modernization”, a penalty payment of ten percent of the selling price of the property would be due.
Wüstefeld, who has also been a shareholder in HSV Fußball AG since October last year, always points out that the EM million was almost completely used up before he joined the HSV board. But what the medical entrepreneur has not yet explained in more detail: How was it possible to conjure up a black zero in the HSV balance sheet in record time?
