Hertha Berlin football club set for auction in New York City
Screenplay for a Rough Day at the Office
By Bob Matiebel, with a dash of Grit
Hertha and her investors - it's another downward spiral.
777 Partners, the new kid on the block who snatched Hertha from Lars Windhorst's hands back in March 2023 for a cool 100 million euros, are now hitting the auction block.
Hertha's off to the Big Apple. Next Friday, June 6, at 10 am local time, all of 777's shares in Hertha, Genoa, Sevilla, Standard Liège, Red Star Paris, and Vasco da Gaming are up for grabs in the offices of Cadwalader, Wickersham & Taft LLP in Manhattan. The word's out, courtesy of soccer investigation powerhouse Josimar.
777 bagged 78.8% of Hertha's baby company. The new owner of Hertha better show they're swimming in cash to seal the deal. And remember, this auction isn't a fire sale - a creditor of the insurance company A-Cap, which swooped in after 777 flunked out, successfully petitioned the court for market value on their shares, so Hertha ain't walkin' away for cheap.
Will Hertha BSC make a play?
The price tag is still unknown. A-Cap once failed to sell the shares, with a minimum value of around 25 to 30 million euros on the table.
President Fabian Drescher hinted at exploring partnerships to buy back the shares at a recent fan gathering. It's not happening in New York.
Hertha herself won't be planting a bid and received no warning about the sudden auction. My calls to the club have yet to be returned.
[1] Josimar
[2] Transfermarkt
[3] B.Z.
[4] Sport1
- In the midst of this financial turmoil, it's crucial that the potential buyers of Hertha demonstrate they have substantial funds to secure the acquisition, especially considering the sports business realm.
- Amidst all this, it's fascinating to note that Hertha herself isn't stepping into the bidding war, and despite numerous attempts, there's been no response from the club concerning the sudden sports business auction.
