Potential New Buyer for HNK Rijeka?

Did you know that Rijeka is worth much less than Hajduk and Dinamo?

This news became clear on Thursday when a document at the Rijeka City Council revealed a potential buyer who expressed interest in purchasing Gabriele Volpi’s ‘Social Sports’ shares in the club, reports Gol.hr on and Goal.hr on December 21, 2017.

According to this document, the value of the current Croatian champion is somewhat less than HRK 83 million.

“The Croatian Football Club Rijeka, the Rijeka sports limited company for performing sports activities (further shortened as: HNK Rijeka s.d.d.), based in Rijeka, Rujevica 10, is a company owned by the City of Rijeka and the Dutch foundation Stichting Social Sport, with a total registered capital of HRK 82,870,600.00 divided into 828,706 ordinary shares of nominal amounts per HRK 100,00 each,” reads the document.

To refresh your memory, 30 percent of Rijeka’s shares are owned by the City of Rijeka, while 70 percent of the shares are owned by Gabriele Volpi’s ‘Social Sports’.

The document names the potential new buyer as Teanna Limited, registered on December 1, 2017, in London. Behind it, unofficially, stands Damir Mišković who has already announced that he will buy Rijeka, i.e. 70 percent of the shares. The City of Rijeka has the preemptive right to their shares, and the document suggests they retain their current share of 30 percent. The value of the remaining shares, which would be purchased by the said London company, amounts to HRK 58,010,000.00.

The Council Club of Youth Action and Živi Zid proposed that the City of Rijeka retains 25 percent plus one share and that the remaining five percent owned by the City be offered to citizens who want to buy them. This was also supported by Rijeka Mayor Vojko Obersnel, who proposed that a transaction with Teanna from London be completed first.

The debate ended with Andrej Briščik asking whether Damir Mišković was behind the London company. Obersnel said that Misković had a connection with the company, but he did not know if he was the owner. He added that Mišković’s daughters are named Matea and Ana, which could have something to do with a company called ‘Teanna’ buying the club. Obersnel concluded on the matter by saying “I’ll let everyone make that decision for themselves”.

How much is Rijeka worth compared to Dinamo and Hajduk?

Rijeka is worth far less than the equity capital of Dinamo which is valued at HRK 210 million, as recently assessed by the elite auditor PricewaterhouseCoopers. Interestingly, the highest value was recorded during Hajduk’s conversion, which was estimated at HRK 265 million in 2008. However, that estimate did not have much to do with Hajduk’s market value but was mostly due to a debt of HRK 250 million. 

Regarding the stock price comparison, Dinamo should be worth between HRK 500 and 1000. One share of Hajduk cost HRK 500 at the time of conversion, while Osijek shares sold for HRK 100. Rijeka’s shares are worth just HRK 100 today.

Excerpts taken from Gol.hr on and Goal.hr

 

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