VfB Stuttgart
Porsche AG investment · 26 Jan 2024
- Buyer
- Porsche AG
- Seller
- Primary capital increase
- Stake acquired
- 10.4%
- Control
- No
- Reported consideration
- €41.5m
- Implied equity value
- €399m
- League
- Bundesliga
- Country
- Germany
- Confidence
- MEDIUM
Porsche AG acquired 10.4% of VfB Stuttgart from Primary capital increase, announced 26 Jan 2024, closing 14 Aug 2024.
Reported consideration was €41.5m. That implies a 100% equity value of €399m (calculated by us). €41.5m of new capital went into the club. A further ~€100m was announced as an investment commitment.
Nearest pre-acquisition revenue was €218m (FY 2023 (calendar year, FY ends 31 Dec)), an equity value / revenue multiple of 1.83x.
- Announced
- 26 Jan 2024
- Closed
- 14 Aug 2024
- Stake after transaction
- 10.4%
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2023 (calendar year, FY ends 31 Dec)
Revenue
Wages
EBITDA
Net debt
Net income
Porsche AG subscribed to new shares in VfB Stuttgart 1893 AG (the club's spun-out professional football company) via a capital increase, reaching 10.41% in two tranches: 5.49% closed 26 Jan 2024 after DFL and Bundeskartellamt clearance, and 5.20% notarised and registered 14 Aug 2024 (originally planned for June 2024). The €41.5m consideration is a primary issue price paid to the AG, not a payment to a selling shareholder; neither party officially disclosed it, but Stuttgarter Zeitung/Nachrichten and kicker consistently report €41.5m (dpa: 'around €40m').
- Porsche Newsroom — 'Porsche AG steigt als Investor beim VfB Stuttgart ein' ↗Tier 1 · primary company
2024-01-26 · de — “Porsche signs closing documents after DFL and Bundeskartellamt clearance; first step 5.49% of VfB Stuttgart 1893 AG, second tranche can be acquired June 2024; two supervisory board seats (Meschke, Reimold); DFL deems stake >10% permissible.”
- VfB Stuttgart — 'Einstieg der Porsche AG beim VfB finalisiert' ↗Tier 1 · primary club
2024-01-26 · de — “Closing completed; Porsche acquired 5.49% in first step, second tranche of 5.20% planned June 2024; post-deal cap table: e.V. 78.2%, Mercedes-Benz Group 10.4%, Porsche 10.4%, Jako 1.0%; club intends to sell remaining 3.9% via further capital increase (dilution of existing investors).”
2024-01-26 · de — “No official figure disclosed; reports put total proceeds at around €40m. DFL presidium deemed Porsche stake up to 10.41% compatible with statutes despite Porsche/VW group links (Wolfsburg, Bayern, Ingolstadt).”
2024-01-26 · de — “Porsche secures 10.4% of VfB AG for €41.5m, in two tranches (5.49% and 5.20%) of c. €20m each; first with Handelsregister entry, second in June. Mercedes-Benz diluted from 11.61% to 10.4%, Jako 1.16% to 1.0%. Overall package >€100m incl. MHP naming rights (€40m/10 yrs) and sponsorship.”
2024-01-23 · de — “Porsche to acquire just over 10% of VfB AG for €41.5m (two tranches of c. €20m); Mercedes-Benz Group held 11.61%, Jako 1.16%; 2017 spin-off statutes cap external ownership at 24.9%.”
- VfB Stuttgart — 'Wirtschaftlicher Turnaround geschafft' (Finanzbericht AG, MGV 2024) ↗Tier 1 · primary club financials
2024-07-28 · de — “VfB Stuttgart 1893 AG FY2023: record revenue €217.9m (vs. prior record €172.0m in 2019), expenses €217.2m, net profit €0.7m.”
2024-08-16 · de — “Second tranche: €20m flows in August 2024; subscription certificate notarised 14 Aug 2024 and entered in the Handelsregister; funds earmarked for equity strengthening, not direct transfer spend. Porsche now ~10%, Mercedes ~10%, Jako just over 1%.”
- VfB Stuttgart — 'Weltmarken-Bündnis für den VfB' ↗Tier 1 · primary club
2023-06-27 · de — “June 2023 letter of intent: Porsche and MHP join as sponsors, Porsche equity stake under review; overall package could exceed €100m; Mercedes-Benz remains anchor investor.”
- Stuttgarter Zeitung — 'Wie die Weiß-Roten wieder eine schwarze Null geschafft haben' ↗Tier 5 · media
2024-07-28 · de — “FY2023 report: revenue almost €218m (+€63m y/y), 2022 loss was €16.6m; personnel costs almost €106m (~€70m licensed players); liabilities not specified beyond 'mid double-digit millions'; both Porsche tranches of €20m received for ~10%.”