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HSV stay in the red, receive youth boost

January 25, 2015

A Hamburg businessman stepped forward with funds for a new purpose-built academy at a general meeting on Sunday. The winter break may have come at the right time on and off the pitch for the struggling Bundesliga club.

https://p.dw.com/p/1EQH5
Der ehemalige HSV-Aufsichtsratschef Alexander Otto spricht in Hamburg während der Mitgliederversammlung des Hamburger SV
Image: picture-alliance/dpa/ECE/HSV Fußball AG

Hamburg reported another year in the red on Sunday but also received a 10 million euro ($11.2 million) donation from a local businessman to help finance a new youth training Center.

The pledge by 47-year-old Alexander Otto at a general meeting of members in Congress Center Hamburg was described by club chairman Dietmar Beiersdorfer as "a big step in the development of HSV".

It was made only three days after Klaus-Michael Kuehne became the first official investor in the club. The local billionaire is paying 18.75 million euros ($21.8 million) for a 7.5 percent stake.

Kuehne also bought the stadium name rights for four years for an overall 16 million euros to enable a return to the popular name of Volksparkstadion.

Otto said he has no plans to become an investor as well but expressed hope that the club could in time regain some of its past glory.

Hamburg businessman Alexander Otto
Alexander Otto made his cash pledge at Sunday's General Meeting of HSV members in Hamburg.Image: picture-alliance/dpa/C.Charisius

“We may see HSV at the top again if we are patient for a few years," he said.

HSV can boast of six national titles and the 1983 European Cup, but it has not a won a trophy of any kind since the 1987 German Cup.

The Bundesliga's only ever-present side escaped relegation via a play-off last season and is again struggling near the bottom, having scored only nine goals in 17 games so far this term.

In an attempt to change its fortunes, Hamburg underwent structural changes last summer by turning the professional division of the multi-sports club into a shareholder company.

On Sunday, however, the club reported a deficit of 6.6 million euros in the first six months, with a turnover of 92 million. Assets were given at 144 million euros and overall debts at almost 100 million euros.

Construction of the HSV campus will start later this year with completion planned for 2017.

pwh/bw (dpa, SID)