Billionaire Klaus-Michael Kuehne has acquired a 7.5 percent stake at former European champions Hamburg SV after pumping in 18.75 million euros in investment and also bagged the stadium naming rights, the club said on Thursday.
.
Hamburg, struggling to avoid relegation in the past few seasons, has been dogged by financial problems and a string of expensive but unsuccessful transfers.
.
Kuehne’s investment is not only a much-needed shot in the arm for Hamburg but a major hope for the long-term future of the only Bundesliga club to never have played in the second division since the top league’s creation in 1963.
.
The billionaire will also give the stadium its old name ‘Volksparkstadion’ back from July 1, 2015 after acquiring the naming rights for “initially” four years.
.
“For me as a Hamburg fan it was a matter of the heart that the home of the club has again its traditional name,” Kuehne said in a club statement.
.
“I wish that the club can enjoy success at the Volksparkstadion like in the past.
.
Hamburg’s stadium, currently called the Imtech Arena, was known as the Volksparkstadion until 2001.
.
“We are continuing our financial consolidation with this move and have reached an important milestone,” Karl Gernandt, Hamburg football board chairman, told reporters.
.
“We will continue working so that Hamburg can win back its ability to be competitive on all levels in theBundesliga.”
.
Hamburg are 14th in the league, two points above last-placed Freiburg with the Bundesliga resuming on January 30.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate