HSV and the city of Hamburg conclude future-oriented agreement regarding stadium

HSV and the Hamburg city authorities (Freie und Hansestandt Hamburg) agreed on Wednesday morning (16th September) upon a letter of intent concerning a restructuring of the ownership rights of the site of the Volksparkstadion. Through this agreement, the foundations are created to ensure that everyone is in place for the hosting of the UEFA Euro 2024 in Hamburg.

The agreement arranges that the city purchases the site of the stadium, important to note not the stadium itself, for market value of €23.5m, whilst the club receives the right to lease the site until at least 2087, and can be extended until 2117. The market-based yearly leasing rate will be 1.8% of the value of the site.

“With this restructuring of the ownership rights of the site of the stadium into a long-term right to lease , we can align the Volksparkstadion by one’s own efforts to the future, particularly with UEFA Euro 2024 coming into view, despite immense economic challenges, which we face due to the coronavirus pandemic,” explained HSV CFO Frank Wettstein. “But first of all, this investment should be used to make the matchday experience at HSV home games more attractive. Through this agreement, we can complete extensive modernisation work despite the coronavirus crisis and considerable losses of revenue. With today’s settlement as part of the city’s property strategy we have constructed an optimal solution for all parties.”