dhe FSV Frankfurt This year it turns 125: the traditional club is not in the best shape in its anniversary year. The club is in danger of relegation during the winter, occupying thirteenth place in the Regionalliga Südwest. And there is also concern off the pitch at the Bornheimer Hang: fans warn that “FSV Frankfurt is sold out.”
FSV needs money to be able to compete in the face of growing competition, explains president Michael Görner. To improve it, the association's board of directors is planning a capital increase. Through the specially founded “SBA Invest GmbH”, people from the “FSV Circle of Friends” would receive shares in the “FSV Frankfurt 1899 Fußball GmbH”. The club expects revenue of around six figures, which should arrive in the first half of 2024. The association's board of directors will be able to approve the project on January 29.
No co-determination rights
When the plans became known, resistance arose from FSV fans. They formed an alliance with the slogan “Stop SBA.” Their concerns are diverse: they fear shareholder influence, a lack of financial sustainability, and they complain about a lack of transparency. Behind this also lies a fundamental skepticism towards investors in football. “I don't know if anyone knows of any positive examples of investor entry,” says Franziska Blendin, spokesperson for the alliance. The values of the club, which likes to present itself as a family club with local roots, are in danger.
On Monday, January 22, the club invited its attendees to a simple information evening at the Bornheimer Hang stadium. About 80 members showed up, many of them wearing black and blue scarves. They sat together in front of Görner and Vice President Stephan Siegler; foreheads have hardened. Görner attempted to respond to the criticism. Seven of the nine members of the Board of Directors were also present.
“Continuous development”
The president promises that the SBA will not receive any co-determination rights or any positions in the GmbH. Furthermore, a fixed, but unmentioned, distribution to the SBA will only be made in the event of a promotion and only if the GmbH also makes a profit.
The new money will mainly be invested, for example, in the stadium infrastructure: In order for the Frankfurt Galaxy football club to remain an attractive venue, more folding seats are needed. Money should not flow to the team, as it would only serve to achieve short-term success. Görner highlights the “continuous development” and “natural growth” of the club. According to the president's plans, FSV should be among the top six in the regional league.
Did fans report late?
The acquisition of shares should be limited to ten percent. For comparison: Hasan Ismaik acquired 60 percent of the shares of “TSV München von 1860 GmbH & Co. KGaA” in 2011, and Mikhail Ponomarjow acquired 97.5 percent of “KFC Uerdingen 05 Fußball GmbH” in 2018 However, fans are concerned that the ten percent could be the starting gun for future stock sales. Blendin warns against opening “Pandora's Box.” Görner, however, claims that this is a one-off transaction. He cannot guarantee anything for the future, especially after his term, but this is independent of the project.
The alliance also sees a conflict of interest in the shareholding role of Görner and FSV-GmbH CEO Robert Lempka in the SBA. Therefore, Görner announced at the event that he would resign as a shareholder on the effective date of the acquisition. Lempka, however, confirmed in an interview with FAZ that he will remain involved with the SBA. Since he does not participate in setting the share price or the amount of the distribution, “there is de facto no conflict of interest,” he explains. Negotiations between the club and the SBA still have a “taste” for the fan alliance.
The alliance also denounces that the plans were not presented to fans until a week before the vote, even though the SBA, whose goal is the capital increase, was founded in May 2023. The alliance is surprised by the speed of the project and asks that the board of directors meeting be postponed. The former president of the FSV, Carlo Kiefer, who was trying to mediate, suggested the same thing at the information evening. However, Görner rejected it: “Every day counts, I see no objective reason to wait any longer.” In an interview with FAZ he confirmed the appointment.
Despite the “concern” that some partners expressed at the end of the event, Vice President Siegler asked for support: “Life doesn't work without a little trust.” But that's exactly what some FSV fans are missing. “It was very frustrating,” Blendin told FAZ after the briefing evening: “I feel like we were talking against a wall.” One member appealed to the board “not to allow this to happen.” However, Michael Görner was confident: “I have a very good feeling that there is broad approval on the board of directors.”