FSV Frankfurt is 125 years old this year – the traditional club is not in the best shape in its anniversary year. The club is in danger of relegation over the winter as thirteenth in the Regionalliga Südwest. And there is also unrest on the Bornheimer Hang off the pitch: fans are warning of “FSV Frankfurt being sold out”.
The FSV needs money to be competitive against the increasing competition, explains President Michael Görner. In order to raise this, the association’s board is planning an equity increase. Through the specially founded “SBA Invest GmbH”, people from the “Circle of Friends of the FSV” would receive shares in “FSV Frankfurt 1899 Fußball GmbH”. The club is hoping for income in the mid-six-figure range, which should flow in the first half of 2024. The association’s board of directors can approve the project on January 29th.
No co-determination rights
When the plans became known, resistance emerged from FSV fans. They formed an alliance with the slogan “Stop SBA.” Their concerns are diverse: They fear that shareholders will exert influence, as well as a lack of financial sustainability, and they complain about a lack of transparency. Behind this there is also a fundamental skepticism towards investors in football. “I don’t know if anyone knows of a positive example of investor entry,” says Franziska Blendin, spokeswoman for the alliance. The values of the club, which likes to present itself as a locally rooted family club, are in danger.
On Monday, January 22nd, the club invited people to a simple information evening in the stadium on Bornheimer Hang. About 80 members showed up, many wearing black and blue scarves. They sat together opposite Görner and Vice President Stephan Siegler – the fronts have hardened. Görner tried 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 positions in the GmbH. In addition, a fixed – but not mentioned – distribution to the SBA will only be made in the event of promotion and only if the GmbH then also records a profit.
The new money will primarily be invested in the infrastructure of the stadium, for example: In order to remain an attractive location for the Frankfurt Galaxy football club, more foldable seats are needed. The money should not flow into the squad as it would only serve short-term success. Görner emphasizes the “continuous development” and “natural growth” of the club. According to the president’s plans, the FSV should establish itself in the top 6 of the regional league.
Fans informed late?
The share takeover should remain limited to ten percent. For comparison: Hasan Ismaik took over 60 percent of the shares in “TSV München von 1860 GmbH & Co. KGaA” in 2011, and Mikhail Ponomarjow took over 97.5 percent of “KFC Uerdingen 05 Fußball GmbH” in 2018. However, fans are concerned that the ten percent could be the starting signal for further share sales. Blendin warns against opening “Pandora’s Box”. Görner, however, asserts that it is a one-off transaction. He cannot guarantee anything for the future – especially after his term in office – but this is independent of the project.
The alliance also sees a conflict of interest in the shareholder role of Görner and the managing director of FSV-GmbH Robert Lempka in the SBA. Görner therefore announced at the event that he would be resigning as a shareholder on the effective date of the takeover. Lempka, however, confirmed in an interview with the FAZ that he would remain involved in the SBA. Since he is neither involved in setting the share prices nor the amount of the distribution, there is “de facto no conflict of interest,” he explains. The negotiations between the club and the SBA still have a “taste” for the fan alliance.
Thomas Klemm Published/Updated: Jörg Daniels, Frankfurt Published/Updated: , Recommendations: 1 Alex Westhoff Published/Updated: Recommendations: 1
The alliance also denounces the fact that the plans were only presented to fans a week before the vote, even though the SBA, whose purpose is the capital increase, was founded in May 2023. The alliance is surprised at the haste of the project and is calling for the board meeting to be postponed. Former FSV President Carlo Kiefer, who was trying to mediate, also suggested this at the information evening. However, Görner rejected this: “Every day counts, I see no objective reason to wait any longer.” In an interview with the FAZ, he confirmed the appointment.
Despite the “uneasy feeling” that some members expressed at the end of the event, Vice President Siegler called 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 the FAZ after the information evening: “I have the feeling we were talking against a wall.” One member appealed to the board of directors “not to let this go through.” However, Michael Görner was confident: “I have a very good feeling that there is broad approval on the board of directors.”
