Bundesliga side Hamburg have been handed a huge blow after sponsor and business mogul Klaus-Michael Kuhne has decided to back out of his sponsorship of the club.
The global shipping billionaire is honorary chairman and majority owner of the international transport company Kühne + Nagel, which was co-founded by his grandfather, August Kühne.
The multi-investment mogul is the bone behind Hamburg financial power having held sway in the economic control of the Bundesliga side since 2015.
The 80-year-old Kuhne began sponsoring the Red Shorts in 2015 when he purchased a 7.5 per cent stake for €18.75million.
He also funded and bought the naming rights for their stadium, seeing to the return of the club’s stadium old name Volksparkstadion.
However, Kuhne has now backed out of his financial sponsorship of the club, withdrawing his huge stake which is reportedly “due to frustration over costs.”
Reports have it that an estimated €60m has been invested by Kuhne + Nagel, making him the club’s majority owner.
He financial power in the club has helped in stabilizing the club and easing them of a number of financial woes and securing player signings.
The 68-year-old childless Kuhne, who was ranked in Forbes billionaire list is said to be valued at €13.1 billion.
He has now become unimpressed by the state of modern football, highlighting inflated fees and poor signings.
“[€60m is] a disproportionate amount of money,” Kuhne told Handelsblatt.
He further added: “But the fees being spent in the industry now are on a different level altogether.
“This club has been through some difficult times. There have been so many changes and some transfers have been complete flops, so it’s obvious that you start getting concerned when you’ve invested as much money as I have.
“I’m done for the time being.
Hamburg, who remains eight in the German top flight table, welcome Borussi Dortmund as they look to earn their third win in as many Bundesliga games this season.