Admin l Monday, March 13, 2023
BERLIN – Hertha Berlin can expect around €100 million ($106 million) from their new investors 777 Partners as they seek financial stability and rid themselves of their Big City Club label.
Josh Wander, CEO of the Florida-based 777 Partners named the figure at the official presentation of the partnership on Monday in the German capital, without giving a time frame.
The new investors have taken over the 64.7% stake owned by Lars Windhorst who invested €375 million since 2019 but withdrew after falling out with much of the club board and Hertha being in the relegation fight every season.
“Today is a great day for Hertha BSC and our future. We now want to restructure ourselves, get back to basics and leave the ‘Big City Club’ label in the past, along with the megalomania from recent years,” Hertha president Kay Bernstein said.
“The whole club just wants things to settle down. We’re looking forward to calmer times, particularly as we’ve got important tasks ahead,” he added, with areas including a possible new stadium and women’s football.
Managing director Thomas Herrich named the entry of 777 Partners a central part for licensing and to reduce liabilities from the past.
“We have to massively reduce our costs and consolidate in all areas. It’s a sprint, not a marathon. We’re on the right track,” he said.
Herrich added: “We are in talks with the DFL about our agreements to make sure that they comply with the 50+1 guidelines” which say that a club must hold 50% plus one share to deny full takeovers by investors.
Wander said: “Our aim is to help finance long term and sustainable structures. This is the best way to secure long-term success.”
777 Partners will take two seats on the board, which now consists of five members.
They have more experience in football than Windhorst, holding various stakes in Red Star Paris, Sevilla, Standard Liege, Vasco da Gama, Melbourne Victory and Genoa.
“We want to preserve the club’s independence and long history. We are here to help all clubs in different ways to make them more successful,” Wander pledged.
