Borussia Dortmund - It's not over till it's over!
Pushing champions Bayern Munich to the wire can only have enhanced Borussia Dortmund’s (BVB) fabled ‘Echte Liebe’ brand. Three prominent player signings immediately post-season mark its resolve to improve even on a campaign that clearly exceeded expectations with a new head coach and a developing squad. That player spend (estimated at c €75m) is almost covered by the proceeds from January's bumper transfer of Pulisic, while a new independent squad valuation, highlighting Jadon Sancho (19) as the most valuable Bundesliga player (€100m), confirms BVB's substantial hidden reserves (broadly, c €300m, according to ). We are broadly maintaining forecasts for this year and next with renewed confidence.Borussia Dortmund has two reportable segments, which are responsible for the main activites of the overall Group. The first segment consists of Borussia Dortmund GmbH & Co. KGaA, which operates a professional football club including professional football squad and leverages the associated revenue potential arising from the the transfer of players, catering, TV marketing, sponsorship and ticketing. The second segment consists of the separate merchandising business, which is carried out by BVB Merchandising GmbH. In addition, Co. assumes all the marketing activities for the stadium, including the event areas, on non-match days and includes activities such as stadium tours.
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