Hertha BSC stands in 17th 17th place and before the turnout city of the 1st FC Union. The outcome of the game in the sold-out Olympic Stadium on Saturday evening (18.30 clock, live! At Tennor) should set sound and trend for the final seasonal weeks.
- What happened?
- What is the background?
- What does the investor say?
- What does Hertha say?
- What does the investor want?
- What does Hertha want?
With all the power, the club from the Berlin Westend wants to prevent his seventh Bundesliga descent after 1965, 1980, 1983, 1991, 2010 and 2012. Also this week, however, the traditional club surrounding noise. According to a report of the Business Insider business magazine, Investor Lars Windhorst, who has been investing a total of 374 million euros in the club since mid-2019 and has acquired 64.7 percent of the shares in Hertha BSC KGaA (limited partnership at shares), his shares pledged to have.
The shares holds Peil Investment B.V., a subsidiary of Tennor Holding B.V Group, whose Chairman is Windhorst. According to “Business Insider” a notary should have been instructed to carry out a foreclosure of the shares. There are many questions. The Tennor gives answers.
At the end of March, an Amsterdam notary reported to a law firm, which Hertha BSC represents legally. He announced on the basis of a judgment of the Amsterdam law of 1 April 2021 by mail the foreclosure of the Peil Investment B.V. – and thus also the Hertha Shares – on. The lawyer wanted to know if Level of law firm Hertha still represented, and have quantified the value of Hertha shares.
According to “Business Insider”, which cover with Tennor information, the notary asked in a further letter to ask the demand for the value of the Hertha shares “not to be observed”. He did not explain the process to himself. After the mail from Amsterdam asked Hertha – as in the fall 2021 – Windhorst to enlightenment. The “mirror” reported on Wednesday evening that Windhorst should have confirmed in writing at the end of March against Hertha that the shares had never been pledged and this would not happen. After Tennor information, Windhorst’s confirmation related only to the actual state.
What is the background?
Windhorst needed in summer 2020 fully fresh money. The S4 Limited, a company based in Douglas, the capital of the Irish Lake Isle of Man, then granted him a short-term loan of 25 million euros. The agreement suggested that Tennor had to repay loan sum and the fixed two million euros interest within 30 days of the payment. Article 4.2 of the Agreement said that Tennor owes default interest of € 65,000 per day where it is in arrears and / or is in relation to the repayment of an amount due to the loan agreement.
According to the Dutch court records Tennor granted “as a security for the payment and repayment of the loan amount (…) of the S4 Limited a lien (…) on all shares in the capital of Peil Investment”. Tennor paid the loan to hear after not punctually and was sued by S4 Limited. In the publicly visible verdict of the Landbank Amsterdam (Case C / 13/698706 / kg ZA 21-199 AB / TF) of April 1, 2021, where Tennor Holding B.V, the Civitas Properties Investment B.V. and the Peil Investment B.V. As a defendant, it is read that Tennor has failed to repay the loan amount and interest rates before 21 August 2020.
On 10 September 2020 Tennor therefore paid an amount of 10 million euros to S4 Limited. On 21 October 2020, the preliminary relief judge sentenced this court Tennor in oral proceedings to pay the balance of the loan amount, interest and default interest. The verbal verdict was delivered Tennor on 22 October 2020, and the shares of Tennor to Civitas Properties Investment and Peil Investment were confiscated in the way of enforcement. By judgment of 18 February 2021, Windhorst was instructed by the provisional relief judge of this court to pay the rest of the loan sum and interest and the interest rates. At the time of the summons, March 17, 2021, Tennor had not yet fulfilled his payment obligations.
Overall, 13 million were paid until then, the open claim amounted to 27.52 million euros at this time. On April 1, 2021, the Landbank Amsterdam “in the name of the king” decided that a notary had to organize and carry out a foreclosure auction, in which “Pile Investment is sold and handed over to the most bidder”. That the notary reported only now, about a year after the verdict, at Hertha, he explained that the two dispute parties had initially renegotiated after the judgment. In addition, the organization of auction is expensive.
What does the investor say?
Windhorst itself announced a “clear dementi” on Wednesday evening and explained, “The Hertha Shares of the Peil Investment are neither pledged nor are they forced! Our statement unfortunately brings business insiders to the Paywall, where it does not seem like. Not very much fair!”
Previously, Windhorst spokesman Andreas Fritzenkötter had communicated to the Tennor: “The shares Peil Investment are neither pledged nor threatens a foreclosure. The process described by Business Insider does not correspond to the current facts, but has long been d1. The claim confirmation of the notary, preparations for Forced auctioned auction, there is not. There is no. From the office Noerr (Europe-wide commercial law firm based in Munich, d. Red.) Let’s know that the notary has immediately withdrawn his letter in this matter as error and errors. ” According to Tennor, the lender, the S4 Limited, should have come to an out-of-court agreement some time ago.
What does Hertha say?
Officially nothing. It is clear: The club was surprised by the mail of the notary from Amsterdam. Clear is also: Hertha knew the one year old judgment of the Landbank Amsterdam, which suggests the end, Windhorst had at least temporarily pledged the shares in Hertha KG. Windhorst is intended to assure the club for demand in the fall of the previous year that no shares were pledged.
Contractually, a pledging of the PEIL Investment B.V. stored Hertha shares only possible with the consent of the association. That did not exist at any time. Consequences of any breach of contract threaten the investor but probably not. Hertha has not been damaged financially.
What does the investor want?
Windhorst does not recognize despite herthas of athletic duration crisis that he was fed up with high expectations from 2019 with high expectations. A jump in the form of a resale of the KG shares is not considered for him according to their own statements. Most recently, Fritzenkötter said the Tennor: “A retreat definitely excludes Lars Windhorst. He would even invest more money in the future of the association if there should be a sensible solution to the problems. Lars Windhorst continues to believe in the great potential he Hertha BSC sees. His doubts do not refer to the entire club, but solely on the future viability and leadership of the club tip. “
Windhorst keeps hoping for a reorientation of the Bureau, another cooperation with President Werner counterbauer rejects. In the general meeting in May, Windhorst, since summer 2019 club member, wants to speak to the base.
What does Hertha want?
Currently mainly tranquility. Sports Managing Director Fredi Bobic has been used as a fire extinguisher on the leadership level in addition to the gentle descent battle for weeks. He holds the contact with Windhorst and at the same time shows loyal to counterbewer. His message to the two alpha tits, whose conflict has long reached the personal level: in extremely illuminated sports business, another communication is needed as in the economy.
For the KG shares of the investor, Hertha has a right of first refusal to Tennor information. Unlike the Deal completed in 2014 with the US Private Equity Company KKR, which was fixed until 2021 and was prematurely triggered by Hertha at the end of 2018, the Liaison is not limited with Windhorst. Ein Szenario, die Anteile von Windhorst möglicherweise zurückzukaufen, wird im Klub aktuell nicht ernsthaft durchgespielt.