Friedrich Graf von Westphalen advises main investor PICOM on capital measures as part of restructuring for HSV Handball's Bundesliga team

FGvW has advised PICOM Holding GmbH on corporate and tax law matters in connection with its acquisition of a 24.9 percent stake in HSM Handball Sport Management und Marketing GmbH, the operating company of Handball Sport Verein Hamburg, a well-known professional handball club from Germany.

PICOM Holding GmbH is an asset management company owned by Hamburg entrepreneur Philipp J. Müller, who has been actively involved in promoting handball in the Hanseatic city for several years.

The operating company's tense financial situation over many years made restructuring and debt relief necessary to stabilize HSM so that it could meet the equity and liquidity requirements of the Handball Bundesliga (HBL).

After the members’ meeting decided that up to 49.99 percent of the shares could be sold, six creditors waived a total of four million euros in claims as part of this sale of company shares. In addition, Philipp J. Müller contributed six million euros through equity measures and, in return, acquired 24.9 percent of the GmbH shares. This move reduced the GmbH's total debt by approximately ten million euros. At Philipp J. Müller's request, the share is deliberately below the blocking minority to leave room for future developments and shareholders. The parent club, HSV Hamburg e. V., remains the majority shareholder of the Bundesliga team.

“Philipp J. Müller has strengthened the club enormously over the past two years, supported us and made today's financial breakthrough possible,” says HSM Managing Director Christian Hüneburg, praising the entrepreneur's commitment. With the successful completion of this measure, the club now meets the equity and liquidity requirements, thereby securing its place in the Bundesliga.

An interdisciplinary team from our Hamburg and Freiburg offices, led by our partner Marc Tepfer, advised PICOM Holding GmbH on these restructuring and capital contribution measures.

Advisors to PICOM Holding GmbH:

Marc Tepfer LL.M., Partner (Tax Law, Corporate Law, Lead, Hamburg)
Dr Stefan Lammel, Partner (Restructuring, Corporate Law, Freiburg)
Linda Hahn, Associate (Tax Law, Hamburg)
Moritz Rothe, Associate (Restructuring, Freiburg)
Dr. Ariane Antolić, Associate (Corporate Law, Freiburg).

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