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Investors pump millions into Hamburg

22 January 2015, 17:15

Berlin - Sleeping Bundesliga giants Hamburg are set to be roused as German billionaire Klaus-Michael Kuehne has invested EUR34.75 million (US$40.35m) into the cash-strapped strugglers, it was announced Thursday.

The 77-year-old has bought a 7.5 percent stake, worth EUR18.75 million ($21.79m), in Hamburg who only narrowly avoided relegation last season and have reported debts of over EUR100 million ($116m).

In addition, Kuehne has also bought the naming rights to the Hamburg stadium for EUR16 million ($18.6m) over the next four years, meaning it will return to it's original name of Volksparkstadion as of July 1.

"I hope I can support the break out of Hamburg with my contribution," said Kuehne.

He has long-since financially supported the 1983 European Cup winners, who finished 16th in Germany's top flight last season, and the deal was struck following lengthy negotiations.

Also read: Hamburg fined for fan's scarf attack on Ribery

The stadium's name has been changed three times since 2001 and Kuehne particularly wanted it to return to it's original title.

"It was a labour of love for me as a Hamburg fan that the football home of the club again bore it's original name," he explained.

"I hope the team will be able to return to it's previous successes at the Volksparkstadion."

Hamburg has had ten coaches, excluding caretaker bosses, in the last eight years.

Having lost eight of their 17 games so far this season, Hamburg are 14th of 18 teams in Germany's top flight having won the last of their six German league titles back in 1983.

The money could be put to immediate use as Hamburg bosses chase the signing of Bayer Leverkusen's Swiss striker Josip Drmic.

"Everyone knows what players we are interested in," said Hamburg chairman Karl Gernandt.

"We can afford him and now we have to see if we can agree with the other club."

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