The home of German 2.Bundesliga football club Hamburg SV will continue to be known as the Volksparkstadion after the team signed a new one-year agreement with shareholder Klaus-Michael Kühne.
Under the agreement, the 57,000-seat stadium will retain its current moniker for the 2019-20 season. The venue has been known as the Volksparkstadion since 2015, when Hamburg’s deal with former sponsor Imtech expired.
As part of the deal, existing loan agreements with Kühne have been adjusted and finalised with a one-off payment. Kühne, who was born in Hamburg, is the majority owner of transport company Kühne + Nagel.
Financial terms of the new agreement were not disclosed but German newspaper Die Welt reported that Kühne paid the club €4m (£3.5m/$4.5m) per year as part of their previous deal.
Kühne said: “Even though HSV’s sporting success has been limited for many years, I would like to make uninterrupted contributions in order to create the financial basis for returning to the Bundesliga.
“It is my wish that HSV will one day be a contender for a top spot in the league table. The importance of Hamburg as an economic, cultural and sports metropolis justifies the commitment to its largest football club. I look forward to the close cooperation with HSV.”
Hamburg is one of Germany’s biggest football clubs but last year suffered relegation to the second-tier for the first time since the Bundesliga formed in 1963. The club is currently second in the 2.Bundesliga table after 30 games of the season.