Hertha Berlin gets cash from US investment group

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Associated Press

Posted on February 1, 2014 at 1:02 AM

BERLIN (AP) — Hertha Berlin says that American investment group Kohlberg Kravis Roberts is putting 61.2 million euros ($82.5 million) into the Bundesliga club in a move that will solve its financial problems "in one blow."

Hertha says on its website that the "long-term" investment from KKR includes the acquisition of a 9.7 percent stake in the club.

The deal was signed Friday, with Hertha president Werner Gegenbauer calling it "a milestone" for the club.

Gegenbauer says "From today, the financial conditions cannot be compared with those of yesterday."

Around 21 million euros will cover the cost of the minority stake, while Hertha financial director Ingo Schiller says the other 40 million was to be invested in "other components."

The money will be used to pay off club debts and to repurchase rights.

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