Clubs need financial concepts to realise player´s transfers as well as the improvement of facilities like the club´s stadium. The second will be explored with this term paper. Foremost project financing is used in terms of stadium financing and other major infrastructural projects. But what do the participants have to consider in financing major projects? In doing so, what is important to accomplish the fulfilment of the project and what issues can arise?
To answer these questions this work should give an insight into financing major projects exemplified by the stadium financing of FC Schalke 04 and Borussia Dortmund. In the course of this the main characteristics of project financing will be presented in detail. Also risks are displayed. The findings should lead to a recommendation of project financing for stadium financing.
Within the professionalization of the football business in Germany clubs face more severe licensing standards defined by the Deutsche Fußball Liga (DFL). This includes infrastructural adjustments of stadiums as well as training grounds. Especially hosting the World Cup in 2006 introduced a modernisation of stadiums in Germany through the DFL and challenged clubs in terms of stadium financing. In Brazil the World Cup in 2014 and the recently finished Olympics in 2016 caused infrastructural adjustments in the hosting cities as well.
Table of content
List of figures
List of abbreviations
1 Introduction
1.1 Problem definition and objective
1.2 Course of investigation
2 Theoretical background
2.1 Distinction between general corporate financing and project financing
2.2 Definition and application of project financing
2.3 Participants
2.4 Forms of financing
2.5 Risk management
3 Case studies of project financing
3.1 Arena Auf Schalke
3.2 Westfalenstadion
4 Critical discussion and recommendation
5 Conclusion and outlook
Bibliography
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