RS feedback: New formats offering upside / chg. Last week, we hosted a digital roadshow with BVB CFO Thomas Treß, which underpinned our view that the club is set to benefit from several structural changes going forward. The main takeaways: Bundesliga broadcasting rights: In Q2, the German Football League (DFL) is starting to market the  [ … ]

After reaching the quarterfinals of the UEFA Champions League late yesterday evening, Borussia Dortmund is now increasing its earnings forecast published with the group management report as of 30 June 2023 to a consolidated net profit for the fiscal year 2023/2024 of between EUR 25,000 thousand and EUR 35,000 thousand (previously EUR 15,000 thousan [ … ]

Qualification for FIFA CWC 25 provides earnings upside for BVB Following RB Leipzig´s UEFA Champions League (UCL) exit against Real Madrid last week Borussia Dortmund is now officially qualified for FIFA Club World Cup 2025. The recently founded FIFA Club World Cup (CWC), which will be held in a four-year rhythm, will take place from Ju [ … ]

It has been clear since Wednesday late evening that Borussia Dortmund has qualified for the FIFA Club World Cup. The tournament will be held for the first time in a new format with 32 clubs in the summer 2025 and will take place in the USA from June 15 to July 13, 2025. The European Football Union (UEFA) will send twelve participants. These are the [ … ]

Strong Q2: A beat on all lines / chg. est. Borussia Dortmund released Q2 prelims, which came in significantly ahead of our estimates. In detail: Q2 sales increased by 32.7% yoy, to € 154m (eNuW: € 131m), which was mainly driven by a steep increase in revenues from TV-marketing (+43% yoy to € 71.5m) as well as match Operations ( [ … ]

In the first half (H1) of the 2023/2024 financial year (1 July 2023 – 31 December 2023), Borussia Dortmund increased its consolidated total operating proceeds and its consolidated net profit as compared to the first half of the previous year. Taking into account gross transfer proceeds of EUR 111.2 million (previous year: EUR 86.6 million), Borussi [ … ]

Watzke to step down in 2025 / crucial months ahead Yesterday, BVB published an ad-hoc stating that CEO Hans-Joachim Watzke will not extend his contract and will step down from management in the fall of 2025, when his contract expires. Watzke was appointed as CEO in February 2005 when the club was in a financially precarious situation. After t [ … ]

Hans-Joachim Watzke, CEO of Borussia Dortmund GmbH & Co. KGaA, has informed the Executive Committee of the Advisory Board of Borussia Dortmund Geschäftsführungs-GmbH, chaired by President Dr. Reinhold Lunow, that he will not extend his managing director´s employment contract, which currently runs until the end of 2025, and will step down from m [ … ]