iustitia.bg
The era of municipal ownership is coming to an end at the long-established Hungarian club Fehérvár FC (formerly Videoton). The general assembly of the city of Székesfehérvár has given the green light for the sale of the club to a U.S. company. This paves the way for a sporting partnership with the top Portuguese club S.L. Benfica.
As the city’s mayor, András Cser-Palkovics, announced on his social media page, the General Assembly unanimously selected the winners of the tender for the sale of the club. Negotiations on the share transfer agreement began immediately.
For the city, this step marks the end of a transitional phase lasting almost a year.
The local authority stepped in as owner last year to save the financially stricken top-flight club from imminent dissolution and to ensure its continued operation.
FINAL THIRD LLC, a company registered in the United States, emerged as the clear winner of the tender process. The company is offering 775 million forint (2.2 million euros) for 100 per cent of the shares in Fehérvár FC Kft.
The U.S. company’s sporting and commercial background is closely linked to the top Portuguese club S.L. Benfica.
According to the mayor, the investor not only has considerable financial resources but also brings with it the concentrated expertise of the Benfica Academy via its links to Lisbon. This could represent a quantum leap for Videoton’s sporting future.
An expert report prepared in advance by an international consultancy firm confirms that the offered purchase price is in line with market conditions. This valued the club’s net asset value at 509.3 million forint (1.4 million euros) – for legal reasons, the city would not have been permitted to accept a lower offer. The bid from the US exceeds this minimum value by more than 265 million forint (745 thousand euros).
As contracts with foreign investors are legally highly complex, the city council has taken strategic precautions and also nominated a runner-up.
Should negotiations with the U.S., consortium fail for any reason, the British company RACING CITY GROUP WORLDWIDE (RCG) LTD. stands ready to step in. The British firm, which already owns several football clubs worldwide and is regarded as an expert in youth development, had bid 532.5 million forint (1.5 million euros).
In total, three valid bids were received in the final round – two from abroad (with Portuguese and Italian expertise respectively) and one from a Hungarian bidder. András Cser-Palkovics emphasized that
money alone had not been the deciding factor in the decision.
The General Assembly attached conditions to the sale for the next three years:
- guaranteed minimum financial investment in the squad and infrastructure;
- a clear vision for the future and safeguards for the club’s own youth academy;
- a binding plan for close cooperation with the fans;
- the preservation of the club’s traditions – including the traditional red and blue colors and the historic name ‘Videoton’.
In accordance with the terms of the tender, the parties have 45 days to finalize and sign the contract. In the interests of the city, the fans and the club, the deal is to be finalized as quickly as possible in order to usher in a new, stable era in the club’s history following months of uncertainty.
Fact
Fehérvár FC – known to fans as Videoton or Vidi – was founded in 1941 and is one of Hungary’s most historic and successful football clubs. The club enjoyed its sporting heyday at home with three league titles in 2011, 2015 and 2018, as well as two domestic cup victories (2006, 2019). Internationally, the club – in its traditional blue and red colors – achieved legendary status primarily by reaching the 1985 UEFA Cup final, having knocked out heavyweights such as Paris Saint-Germain and Manchester United on their way there, before finally being defeated by Real Madrid in the final. More recently, the club has participated in the group stage of the UEFA Europa League on two occasions (2012/13 and 2018/19).
The club plays its home matches at the MOL Aréna Sóstó in Székesfehérvár, which has a capacity of 14,201. The name ‘Videoton’, which has deep historical roots, derives from a major Hungarian electronics company that served as the club’s main sponsor for decades and remains inextricably linked to the club’s identity to this day.
Via vidi.hu, Featured image: MTI/Krizsán Csaba
The post Fehérvár FC Set for U.S. Takeover with Benfica-Linked Investor appeared first on Hungary Today.
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