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Germany's second-biggest sports club, Borussia Dortmund, is narrowing the financial gap between itself and rival FC Bayern Munich. It has announced a huge capital increase and issued millions of new shares.
Germany's only stock market-listed football club, Borussia Dortmund, said Thursday it would issue 24.6 million new shares to boost its capital stock - one day before the country's first-division Bundesliga begins its season.
The club said it expects returns of 114.4 million euros ($151.7 million), as it would sell the new shares for 4.66 euros each, or 6.5 percent below the current market value of 4.93 euros.
Sportswear manufacturer Puma, chemical company Evonik and insurer Signal Iduna - all club sponsors - have agreed to acquire 17.6 million shares, but Borussia Dortmund must first offer its current shareholders the chance to purchase new shares first.
Those investors have from August 26 until September 8 to procure four new shares for every 11 they currently hold.
Borussia Dortmund's managers had reportedly been negotiating with potential investors in the past few days.
cjc/hg (dpa, Reuters)