Hamburger SV
2. Bundesliga
30
Fragile
BETA
Key Metrics
Revenue
€100M
Personnel Cost Ratio
55%
Squad Value
€40M
Stadium
Volksparkstadion
Owned · 57,000
From the Undroppable to the Unpromotable: HSV were the last founding member to play continuously in the Bundesliga — until 2018. Since then, the club have fought for promotion year after year, failing each time. €100M revenue, Volksparkstadion owned (57,000 seats), but the cost structure erodes substance.
Klaus-Michael Kühne as investor has pumped millions without sustainable success. The 55% personnel cost ratio is too high for the second division. The €40M squad value after years of selloffs.
Fragile: HSV are the Peter Principle in club form — every leadership team since 2014 has worsened the problem rather than solving it.
Full Financial X-Ray in preparation.