e.V. / GmbH & Co. KGaA · 2. Bundesliga · Est. 1892 · Olympiastadion (74.475) · Berlin
What is the financial situation of Hertha BSC? Hertha BSC achieves a Financial Stability Score of 18 out of 100 (rating: red). The equity ratio stands at 0% (league average: 34.1%), the personnel cost ratio at 0%. The liabilities ratio is 0%. Equity stands at €-23M.
Data as of:DFL Financials: FY 2023/24 (reporting date 30.06.2024)·Squad values: April 2026·Transfers: current·Update: DFL FY 24/25 expected May/June 2026
The most expensive failure in Bundesliga history. 375 million euros invested by Lars Windhorst, followed by 777 Partners — both failed. Hertha play in the 2. Bundesliga with a bloated cost structure, negative equity, and the Olympiastadion as a rent trap. The Big City Club narrative is dead. Recovery will take a decade.
Hertha ist Schalke light: Negatives EK, Investor-Desaster, sportlicher Absturz. Der Berlin-Markt ist der einzige strukturelle Vorteil.
Financial data shown is based on DFL Financial Indicators 2025 (FY 2023/24, reporting date 30.06.2024). The Bundesliga overall grew by 6.7% in 2024/25 to over €5 billion in revenue. Whether Hertha BSC benefited disproportionately will be revealed by the next DFL Financial Indicators, expected May or June 2026. The Outlook tab below contains an informed projection.
18
Fragile
Revenue 2023-24
€0M
Gross revenue · Konzern accounts
Personnel Cost Ratio
0%
League avg. 47.9%
Squad Value
€0M
BV €0M · Reserves €0M
Olympiastadion
74.475 seats
Stadt (Miete)
Equity Ratio
0%
League avg. 34.1%
Liabilities Ratio
0%
League avg. 47.0%
Summary: The most expensive failure in Bundesliga history. 375 million euros invested by Lars Windhorst, followed by 777 Partners — both failed. Hertha play in the 2. Bundesliga with a bloated cost structure, negative equity, and the Olympiastadion as a rent trap. The Big City Club narrative is dead. Recovery will take a decade.
DFL License Check
Negative equity (-23M). DFL compliance is formally maintained through special arrangements. Hertha are the only current professional club with persistently negative equity.
Positive Equity
\u2717
€-23M
Failed
Equity Ratio > 30%
\u2717
0%
-30pp below threshold
Liabilities < 50%
\u2713
0%
50pp buffer
Balance Sheet (2024-06-30)
Total Assets€0M
Equity€-23M
Liabilities€0M
P&L (2023-24)
Revenue€0M
Personnel Costs€0M
EBITDA€0M
Net Income€0M
Equity X-Ray — Hidden Reserves
Squad values have collapsed with relegation. Book values likely exceed market values for several players. A comprehensive write-down may be necessary.
Squad Valuation
Player Assets (Book Value)€0M
Squad Market Value€0M
Hidden Reserves€0M
Key Players (largest hidden reserves)
Financial Stability Score — Components
Equity Ratio (25%)
50
Personnel Costs (25%)
50
Liabilities (20%)
50
Transfer Balance (15%)
50
Revenue Diversif. (15%)
50
Strengths
Berlin market — largest city in Germany
Olympiastadion — iconic but expensive
Weaknesses
Negative equity (-23M)
2. Bundesliga — massive TV revenue cliff
Olympiastadion rent — oversized and expensive
Windhorst/777 damage — structural, not just financial
Hertha könnte Jahre in der 2.BL feststecken. Berlin-Markt hilft langfristig, aber EK muss erst wieder positiv werden.
Outlook — FY 2024/25 Projection
Estimate · No official figures
Official DFL financial data covers FY 2023/24. Based on known parameters — transfer activity 2024/25, league growth (+6.7% per DFL Economic Report), sporting results — an informed projection for 30.06.2025 can be constructed. This estimate will be replaced once the official DFL financial data is published, expected May/June 2026.
Metric
FY 23/24 (DFL)
FY 24/25 (Estimate)
Revenue
€0M
~€0M
Personnel Costs
€0M
~€0M
Personnel Cost Ratio
0%
~0%
Estimated Result
€0M
~€-5–5M
Estimated Equity
€-23M
~€-28–-18M
Estimated Equity Ratio
0%
~0–0%
Simulator (coming soon): Scenario Simulator (coming soon): From summer 2026, you can run scenarios here — What happens upon relegation? What does Europa League qualification bring? Revenue, costs, required actions — interactive per club.
Frequently Asked Questions
How much did the Windhorst disaster cost?
375 million euros invested, no return. Followed by 777 Partners, who also failed. Total damage is estimated at over 400M when including opportunity costs and structural damage.
Can Hertha recover?
Theoretically yes — the Berlin market provides a revenue base that smaller cities don't have. But recovery requires promotion, cost restructuring, and a decade of disciplined management. There are no shortcuts.