Financial Communication in Professional Soccer: Is Transparency a Curse or a Blessing for BVB?
Interview with Dr. Robin Steden, Legal Counsel and Head of Investor Relations at Borussia Dortmund, and Prof. Dr. Henning Zülch, Holder of the Chair of Accounting and Auditing at HHL Leipzig Graduate School of Management, on transparency and financial communication in the fast-moving soccer business.
Even though in the UK and Italy, several soccer clubs are listed on their respective stock exchanges in London or Rome – for instance, Manchester United, Arsenal F.C., Celtic Glasgow, A.S. Roma or Juventus F.C. – only one German soccer club is publicly traded in Frankfurt – BVB. The SDAX-listed Borussia Dortmund GmbH & Co. KGaA therefore represents an oddity in the soccer business in Germany, which, on the one hand, is worth millions and keeps growing, but on the other hand, is often managed with a shirt-sleeve approach. While other clubs can lead tedious negotiations about player transfers behind closed doors, BVB has to publish material information for its investors without delay. This highly transparent financial communication prescribed by law means substantial added effort for BVB as well as an increased liability risk compared to its competitors. At the same time, this kind of transparency also leads to some benefits – particularly in management – in the volatile soccer business.
To discuss this topic first-hand, Prof. Dr. Henning Zülch from HHL Leipzig Graduate School of Management invited Dr. Robin Steden, BVB’s Head of Investor Relations, to join him in Leipzig. On May 15, 2017, Dr. Steden not only gave a presentation titled “Financial Communication in Professional Sports Using the Example of Borussia Dortmund” in front of HHL’s management students but also made himself available for a subsequent interview (in German).
» Dr. Steden (BVB) im Interview mit Prof. Zülch: vollständiges Interview