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Strictly Confidential · August 2026
Global
Fan
Equity.
In 2000, Borussia Dortmund became the only German club ever to open its shares to the public. Twenty-six years on, the register still hasn't met the Südtribüne — a negotiated tranche of BVB, held by fans worldwide, with the season signed into the same closing.
Instrument
Tokenized listed equity · RWA
Underlying
Borussia Dortmund GmbH & Co. KGaA · ETR: BVB
Transaction
Negotiated tranche + season utility
Rails
Securitize · eWpG registry · Socios.com
Status
Strategic proposal — not an offer
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 02 / 13
The only one of its kind
One German club ever went public. It was the one with the Wall.
2000
IPO on 31 Oct 2000 — the first and still only German football club on the exchange. SDAX today, 26 years of public ownership
238,109
Members of the e.V. (Nov 2025) — the fifth-largest sports club on earth, growing ~17,500 a year
€526M
Record revenue FY2024/25 ex-transfers — with a €6.5M net profit and a 53% equity ratio
€14M
Net financial debt — effectively debt-free: the cleanest balance sheet among Europe's big listed clubs
On the pitch
| 2026-27 | Champions League league phase — direct qualification, 2nd in the Bundesliga with 73 points |
| 2024 | Champions League finalists at Wembley — eight German titles in the cabinet |
On the terrace
| 24,454 | The Südtribüne — the largest standing terrace in European football, selling out 81,365 every other week |
| 1,000+ | Official fan clubs, 65,000+ organized supporters — the most organized fanbase in the game |
BVB annual report 2024/25 · e.V. AGM Nov 2025 · Westfalenstadion capacity records · net financial debt = borrowings less cash, excl. transfer payables
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 03 / 13
The gap
Publicly owned.
Anonymously held.
A
The register never met the Wall
61.7% of BVB floats free — the widest public ownership in football. But it sits in index funds and dormant accounts. The register is anonymous while the Südtribüne queues overnight for tickets.
B
Twenty-six years, minus 71%
Fans who bought the 2000 IPO at €11 hold €3.18 today. Listing alone never paid them back — a share without a fan product is just a ticker.
C
No exit — priced as a flaw
The KGaA means no takeover can ever come, so the market prices BVB as a dead end. For fans, the same fact is the fortress. The discount is a mispricing of loyalty.
What the market pays for €1 of Dortmund revenue
0.67×
The listed-football median
1.3×
A Champions League regular with a record year, a profit and no debt — at half the multiple of the league it plays in. The discount is not performance. It is distribution.
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 04 / 13
Who the reprice pays
The league table of listed football. Dortmund is bottom of it — on price alone.
| Manchester United | NYSE · New York | 4.5× | Control-contest scarcity on the only USD-listed mega-club — and over $1B of debt underneath it |
| Juventus | Borsa Italiana · Milan | 2.0× | A loss-making club at three times Dortmund's multiple |
| Listed-football median | 27 clubs worldwide | 1.3× | The middle of the table — where a Champions League regular should start, not finish |
| Borussia Dortmund | Xetra · SDAX | 0.67× | Record revenue, a profit, €14M net debt — and because there is no leverage, the discount is real, not financial engineering |
At the median, BVB is worth ≈€680M against ≈€351M today. The ≈€330M reprice accrues to today's shareholders — Evonik, Signal Iduna, Puma, the e.V., and the 61.7% held by the public.
Multiples = market cap / operating revenue excl. player trading, FY2024/25 accounts · BVB at €3.18, 19 Aug 2026 · illustrative, not a valuation opinion
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 05 / 13
The thesis
Fan distribution reprices the equity —
when it arrives with the season attached.
Not the investor deal
German fans stopped the league's private-equity deal in 2024 — tennis balls on the pitch, because control was on the table. Here it never is: a 2–5% minority tranche, negotiated with the club, distributed to the fans themselves.
Not a fan token
No token launch, no speculative layer. Real BVB shares, held forever, on regulated rails — the season rides on membership, priced in euros. The club that never asked its fans to buy a token still doesn't.
Not a control change
The KGaA is the moat. The e.V. owns the general partner — 100% of the float could change hands and Borussia would still command itself. Fan equity here can never become a takeover; 50+1 was reaffirmed by the Bundeskartellamt this very month.
The share is forever. The season is sold again every year.
DFL-CVC process abandoned 21 Feb 2024 after nationwide fan protests · Bundeskartellamt on 50+1: Jun 2025 assessment, reaffirmed Aug 2026 · benefits ride on membership, never on the security
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 06 / 13
The transaction
One negotiation. One closing. Both layers.
The capital rail — underwritten end to end
Negotiated tranche
2–5% of BVB agreed with the club — capital increase or anchor block
Institutional SPV
Funded by Chiliz Group's institutional network
Securitize tokenization
Official partner — the NYSE-listed issuance rail
Retail distribution
Tier-1 fintech partners + Socios.com, worldwide
Underwritten sell-out
Institutional partners backstop the raise — the round closes
Why negotiated, not open-market
The utility agreement signs at the same closing — the retail product exists on day one, the instrument never trades as a naked wrapper, and the club authors its own story instead of reading it in a filing.
The utility layer
Season benefits run on Socios.com in direct partnership with the club — and accrue to wallets that hold through the season snapshot. Loyalty is rewarded; churn is not.
Founder's canonical structure · negotiated variant: utility term sheet executed as a condition of the equity closing
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 07 / 13
The stack
The issuance rail
is signed.
NYSE: SECZ
Listed 2 Jul 2026 — a public-markets-grade tokenization platform
$295M
Of its own shares tokenized on listing day — the first US company to do so
$4B+
Assets under management — the largest RWA issuance platform
SEC
Registered transfer agent, broker-dealer and ATS
One group owns the whole stack
Issuance
Securitize — official partner of Socios.com; the rail behind the largest tokenized funds on the market
Registry
eWpG — Germany's own law. Electronic securities since 2021, extended to shares in Dec 2023; Siemens and KfW already issue on these rails
Distribution
Socios.com — the first MiCA-licensed CASP in sports (MFSA, Oct 2025) + tier-1 fintech partners for the global lane
Settlement
Chiliz Chain — ERC-3643 permissioned-securities standard + the Assetera regulated venue (Nov 2025)
No Fan Token in the stack — Dortmund enters at the equity layer directly. The season layer runs as club membership, in euros, on the club's terms.
Securitize NYSE listing (2 Jul 2026, Cantor Equity Partners II) · eWpG 2021 / ZuFinG Dec 2023 · Socios Europe MiCA CASP (MFSA, Oct 2025) · Assetera alliance (Nov 2025) · ERC-3643 on Chiliz Chain
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 08 / 13
The retail bundle — business model
Fans buy the pack. The premium is the business.
One retail product: BVB shares forever, a season of benefits on top — premium-to-share, re-charged every season. Illustrative shelf:
Borusse€99
Members' content · club ballots · digital badge · store discounts
Gelbe Wand€499
Ticket priority · kit drop · Revierderby ballot
Null Neun€2,499
Hospitality · signed shirts · squad access · European-away priority
The recharge cycle
27-28
Recharge the season €25
28-29
Recharge — or upgrade the tier +shares
€11M / season
100,000 packs × ~€110 blended premium — under half the club's own 238,109 members. The recharge habit already exists; it is called the e.V. Illustrative.
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 09 / 13
Composability
The premium is composable. Complement, don't compete.
Dortmund
The home crowd
Matchday priority at Signal Iduna Park
Kit drops, store credit & the Borusseum
Local partner perks — dining, retail, mobility
Worldwide
The global Wall
Airline, telco & banking partner perks — non-seat value
Watch-party takeovers & streaming for the US, Asia & the Ruhr diaspora
Governance ballots wherever a fan lives
Null Neun
Platinum tier
Squad access at Brackel, boardroom hospitality, European aways
Gamified voting menus offered to no one else
Concierge across the full partner stack
Club inventory
Partner inventory
Digital & governance
Partners pay for placement — Vodafone, Puma and Signal Iduna already fund the badge; the register gives them 100,000 verified fans to reward. And nothing on these shelves touches the e.V. or the season ticket — the pack composes above the club's own institutions.
Composability model — three shelves: club inventory · partner inventory · digital & governance · recipes per segment: local / worldwide / platinum
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 10 / 13
Proof
The rails are live. The demand is proven.
| BVB IPO — Oct 2000 | Germany's only club flotation; a quarter-century of continuous public ownership | German fans holding club shares is not a theory — it is BVB's own history |
| Siemens & KfW — 2023-24 | €360M in Siemens digital bonds and a €100M KfW crypto security, issued under eWpG | Germany's tokenization rails are live at industrial grade |
| $PORTO — 2021 | A club token offering oversubscribed 1,280 times | Fan demand for club assets is oceanic |
| Watford × Republic — 2024 | ~£4M committed by 2,245 retail investors against a £17.5M target, without institutional rails | Distribution failed, not demand — this proposal signs the rails first |
| Securitize @ NYSE — Jul 2026 | Tokenized $295M of its own shares on the day it listed | The issuance rail is public-markets grade |
| Ondo × Broadridge — Jul 2026 | On-chain shares carrying full shareholder rights | Tokenized equity is ownership, not a token |
BVB IPO 31 Oct 2000 · Siemens crypto bonds (Feb 2023, Sep 2024) · KfW Kryptowertpapier (Jul 2024) · Binance $PORTO FTO (2021) · Republic / Watford (2024, offering later withdrawn) · Securitize NYSE (Jul 2026) · Ondo × Broadridge (Jul 2026)
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 11 / 13
The home-market lane
Launch at home.
Scale worldwide.
No geo-fence needed — Germany wrote the law first. The eWpG made securities digital in 2021; the ZuFinG extended them to shares in Dec 2023. The domestic lane runs under BaFin on German rails; a MiFID II prospectus opens EU retail, and Reg S carries the rest of the world through Securitize and tier-1 fintechs.
No listed German company has put its equity on these rails yet. The club that listed first in 2000 can be first again.
Designed in, not around
| eWpG · 2021 | Electronic & crypto securities under BaFin supervision | Live |
| ZuFinG · Dec 2023 | Electronic shares — the Kryptoaktie — written into German law | Live |
| Siemens · KfW | €460M of crypto securities already issued on these rails | Proven |
| MiFID II prospectus | EU-wide retail lane for the offering | Standard |
| MiCA CASP · MFSA | Socios Europe licensed Oct 2025; Germany hosts ~73 CASPs — the most in the EU | Live |
| ERC-3643 · Chiliz Chain | Permissioned-securities standard; KYC-gated transfers | Live |
The architecture separates the security from the perks — benefits ride on the membership, never inside the instrument. The instrument stays clean in every jurisdiction it touches.
eWpG (10 Jun 2021) · ZuFinG (Dec 2023) · BaFin crypto-securities registry · MiCA via FinmadiG, BaFin sole authority · structure subject to counsel
Global Fan Equity Programme · What the club gets
This certifies that the Yellow Wall holds more than its scarves.
I
Capital without control
A 2–5% negotiated tranche — capital increase or anchor block — while the e.V.'s command through the general partner is untouched. The KGaA guarantees it.
IV
A global, KYC-verified register
45 US supporters' clubs and a New York office say where the club is going — the register becomes the CRM that journey needs.
II
The reprice accrues to the club
From 0.67× toward the 1.3× median, ≈€330M of value lands on today's shareholders — not on the SPV.
V
First, again
The only club that dared the exchange in 2000 becomes Europe's first tokenized listed club in 2026 — on Germany's own rails.
III
A recurring premium engine
Season memberships re-charged every year, split club × Chiliz — retail revenue that repeats on top of the capital.
VI
Fans as partners
The curve that stopped the wrong deal in 2024 co-signs the right one — economics to the fans, control to the club, forever.
Issued in concept · Dortmund · Malta · August 2026Subject to legal, tax & regulatory structuring
Borussia Dortmund × Chiliz — Global Fan EquityConfidential · 13 / 13
The runway
30 days
Align the tranche — capital increase vs anchor block, size, price reference, and the utility term sheet. One negotiation, one closing.
60–90 days
Securitize workstream, SPV and underwriting stood up; BaFin registrar engaged; distribution partners lined up.
Launch season
Packs on sale worldwide. The register opens, the recharge cycle begins — and the multiple starts to move.
Echte Liebe has held this club since 1909.
Now it can hold the shares.
This is SportFi. This is Chiliz 2030.