Report

Borussia Dortmund - Financially prudent with consistent success

Since its formation in 1909, Borussia Dortmund has become one of Germany’s most successful football clubs and one of the most valuable global football clubs and brands. The corporate strategy
has been to establish itself as the leading German football club after Bayern Munich, and to make its financial success less dependent on short-term sporting success by increasing the domestic and
international marketing of the brand name to grow revenue. Over the long term, Borussia Dortmund has a proven and enviable track record of prudent investment in talent. Its investible free float is c 67%
Underlying
Borussia Dortmund GmbH & Co. KGaA

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.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Kate Heseltine

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