Expected revenue trend
Income from match operations
Season tickets for the following season went on sale as usual at the end of the financial year and were capped at the customary limit of 55,000. Borussia Dortmund expects to fully exploit the earnings potential of match operations in the coming financial year as well. As in the previous season, 17 Bundesliga home matches are therefore planned for the new season. Whereas Borussia Dortmund did not play a home match in the DFB Cup in the 2024/2025 season, it is planning on hosting one home match in this competition in the coming season. In the season ended, Borussia Dortmund played seven home matches in the UEFA Champions League after reaching the quarter-finals. Its planning for the 2025/2026 season assumes six home matches (reaching the round of 16 via the knockout phase play-offs). The club currently does not expect to generate any extraordinary income from match operations, as was the case with the testimonial match for former players Łukasz Piszczek and Jakub Błaszczykowski in the 2024/2025 financial year. As in previous years, ticket prices for the coming season were moderately adjusted for inflation.
Income from advertising
Qualifying for the league phase of the UEFA Champions League continues to place Borussia Dortmund in a better financial position. Playing and delivering positive performances in the competition can widen the club’s media and brand coverage, which promotes the club’s interaction with existing fans and encourages others to begin following Borussia Dortmund. The club intends to promote these effects with a progressive internationalisation strategy that is regularly tailored to current trends. In light of this, Borussia Dortmund aims to further expand and professionalise its digital presence. Borussia Dortmund thereby responds to social trends and to a large degree leverages the attractiveness of the Borussia Dortmund brand. In addition to boosting its digital presence, Borussia Dortmund is reaching out to fans and partners at the local level throughout the world. Borussia Dortmund’s international marketing activities in the coming years will focus in particular on expanding its partnerships in the United States, which it has identified as a target market and where the team set off on a summer tour in July/August 2023 and where it opened a permanent representative office and formed BVB Americas Inc. in New York in March 2024. This will enable us to serve the American market in an even better, more targeted manner. For some time now, Borussia Dortmund has operated a football academy in the United States, which organises training camps in 18 cities throughout the country from its home base in Dallas, Texas. Borussia Dortmund was one of two German clubs represented at the FIFA Club World Cup, which was held for the first time in the summer of 2025 in the new 32-team format. The tournament was held from 15 June to 13 July 2025 in the United States. From a reputation and brand perspective, the goal was to use BVB’s strong presence in the US and its digital visibility to teach Americans about Borussia Dortmund’s unique history. The aim was to step up engagement efforts with the general public to win them over customers and fans and with companies to gain future partners, and to further strengthen existing partnerships. This was also helped significantly by the team’s successful run to reach the quarter-finals. The United States is also co-hosting the 2026 FIFA World Cup together with Canada and Mexico.
In addition to having a presence on the American market, Borussia Dortmund continues to be active on the Asian market. Borussia Dortmund travelled to Thailand and Japan as part of its Asia tour between 19 July and 25 July 2024. To bolster its presence there, Borussia Dortmund played test matches against the Thai club BG Pathum United and the Japanese club Cerezo Osaka. Borussia Dortmund is also represented in Asia by its two companies BVB Asia Pacific Pte. Ltd. and Borussia Dortmund Football (Shanghai) Co., Ltd. The goal of such trips, which are a key component of Borussia Dortmund’s internationalisation strategy, is to bring the club even closer to and connect with its international fan communities and partners and give all fans from around the world the chance to immerse themselves in the world of Borussia Dortmund. The growing international awareness of the brand that this gives rise to allows the club to tap foreign markets.
Since the 2020/2021 season, Borussia Dortmund has had two different kit sponsors. Evonik Industries AG was the kit sponsor for all international club competitions, friendlies staged abroad and DFB Cup matches. 1&1 Telecommunication SE was the kit sponsor for Borussia Dortmund’s Bundesliga appearances. Starting in the 2025/2026 season, Borussia Dortmund’s new and exclusive primary kit sponsor for all national and international competitions will be the Vodafone Group, which includes Vodafone Deutschland GmbH. This purpose-driven partnership creates the basis for addressing the relevant target markets with precision and efficiency.
As part of its digitalisation strategy, Borussia Dortmund has launched a digitalisation initiative at SIGNAL IDUNA PARK – from the media centre to the video walls – to make the stadium digitally fit for the future and even more accommodating to fans and sponsors alike. This digitalisation process will be systemically driven forward.
Despite the recent pandemic and the ensuing economic declines, professional football in Germany has not lost any of its allure. Borussia Dortmund also maintains close and longstanding partnerships with its sponsors. Borussia Dortmund’s long-term partnership with the global sports marketing agency SPORTFIVE Germany GmbH, its marketing partner since 1999, runs until 30 June 2031. The collaboration covers all areas of marketing, such as the acquisition of sponsors, the expansion of partnerships and the marketing of the hospitality areas at SIGNAL IDUNA PARK. Borussia Dortmund and SPORTFIVE Germany GmbH have set themselves ambitious national and international marketing growth targets for the coming years. Borussia Dortmund considers SPORTFIVE Germany GmbH to be a strong and reliable partner with a global marketing network and extensive expertise. Borussia Dortmund has entered into long-term contracts with its strategic partners (Vodafone Group until 2030, PUMA International Sports Marketing B.V. until 2034, and SIGNAL IDUNA Group until 2031), which give the club planning certainty. In the 2025/2026 season, Borussia Dortmund will also benefit from advertising income it generates in the hospitality areas from the West catering annex it commissioned in the 2024/2025 season. Borussia Dortmund also extended various other sponsorship relationships and entered into new contracts. The club has lost none of its appeal, despite the recent pandemic and tense global economic situation. As such, Borussia Dortmund will also operate in a demanding market and competitive environment in the coming season.
Income from TV marketing
Particular focus will be placed on income from TV marketing in connection with the expected general economic environment and the Company’s expected performance.
DFL Deutsche Fußball Liga GmbH once again surpassed the billion-euro mark in awarding the German-language media rights for the 2025/2026 to 2028/2029 seasons, marking a continuation of the high revenue level seen in recent years. The 36 clubs of both Bundesliga divisions can expect to split an average of EUR 1.12 billion among themselves each season between 2025/2026 and 2028/2029. This corresponds to total revenue of EUR 4.48 billion and an increase of around 2% on the previous cycle.
DFL Deutsche Fußball Liga GmbH also informed the clubs of the first and second Bundesliga divisions about the specific expected distribution volume amounting to EUR 1.35 billion for the 2025/2026 season. Accordingly, Borussia Dortmund can expect income of approximately EUR 84.2 million. The announced disbursements of the TV funds will allow for a good degree of planning. Nevertheless, a 2025/2026 season without interruptions as well as timely payments by partners in line with their contracts is essential for ensuring the amount and timing of the envisaged distribution payouts. On 1 July 2023, DFL Deutsche Fußball Liga GmbH and the German Football Association (DFB) entered into an agreement setting out the rights and duties of the two organisations that will expire on 30 June 2029. The agreement clearly defines the financial arrangement between the two organisations and thus also indirectly between the clubs of the first and second Bundesliga divisions, and provides long-term planning security.
UEFA also informed the clubs participating in the UEFA Champions League about the expected income distribution from the competition, which will total approximately EUR 2.47 billion in the 2025/2026 season. Having qualified for the UEFA Champions League, Borussia Dortmund will receive a portion of the lucrative disbursements. A new format has been in place for the UEFA Champions League since the 2024/2025 season. A total of 36 teams play eight matches in a single league phase and are ranked on basis of their results from all matches in an overall league table. The top eight finishers advance to the round of 16, while the teams finishing in 9th to 24th place compete in a knockout phase play-off to determine the other eight sides in the round of 16. From the 2024/2025 season onwards, UEFA will divide the aforementioned total distribution amount into three pillars: starting fee; performance-related fixed amounts; and value pillar. Borussia Dortmund expects to receive approximately EUR 86.9 million in income from TV marketing from UEFA, provided the team advances to the round of 16 via the knockout phase play-offs.
Borussia Dortmund was one of two German clubs represented at the FIFA Club World Cup, which was held for the first time in the summer of 2025 in the new 32-team format. The tournament was held from 15 June to 13 July 2025 in the United States. Prior to the tournament, FIFA announced that the FIFA Club World Cup included prize money totalling USD 1 billion for the 32 participating clubs as well as a global solidarity model. The winner of the competition could potentially earn up to USD 125 million. Borussia Dortmund reached the quarter-finals. The resulting income is recognised to an extent in the 2024/2025 financial year ended and in part in the coming 2025/2026 financial year. Borussia Dortmund expects to receive approximately EUR 11.0 million in income from TV marketing from the FIFA Club World Cup in the coming financial year.
Income from merchandising
The record merchandising income generated in financial year 2023/2024 was attributable to non-recurring effects (primarily the team playing a fantastic season in the Champions League and reaching the final and two special edition kits that were released in the 2023/2024 financial year). These effects did not reoccur to the same extent in the 2024/2025 financial year, even though Borussia Dortmund once again surpassed EUR 40 million in merchandising income due to its improved sales during the Christmas holiday, another special-edition kit promotional campaign (Q3 2024/2025) and a revamped product range strategy. It has also set itself ambitious merchandising targets for the 2025/2026 season. Nevertheless, as demonstrated in the 2023/2024 financial year, income from merchandising is also always dependent on the team’s performance on the pitch and the overall state of the economy.
Conference, catering and miscellaneous income
In addition to catering income on match days, marketing the stadium unlocks further income potential. This includes organising stadium tours and hosting external events in the hospitality areas. Football training courses are also on offer. Borussia Dortmund expects to generate corresponding income from the marketing of the stadium It also expects income in the form of release fees for national team players.
Net transfer income
Transfer deals are an important part of Borussia Dortmund’s business and, as in previous years, represent a significant source of income. However, in view of the developments in the economic environment, Borussia Dortmund on principle only takes transfer income into limited account in its planning. The transfer policy nevertheless presents significant opportunities to generate substantial income. Consequently, transfer deals are always assessed against the background of the current season. High transfer sums often go hand in hand with a drop in quality within the team, but it cannot be ruled out that value-driven transfers will be concluded contrary to the Company’s sporting interests. Given Borussia Dortmund’s sustained success, its players are increasingly piquing the interest of other top clubs.
The ongoing war in Ukraine, the escalation of the conflict in the Middle East, where fighting is no longer contained to just the Gaza Strip and has now spilled over into Iran, the potential global trade wars as a result of the protectionist and unpredictable tariff policy being pursued by the United States under President Donald Trump and the associated global economic uncertainty also continue to impact transfer deals. Based on the previous summer transfer windows during the pandemic, it can be assumed that the decline in income experienced by clubs around the world and lingering uncertainty will continue to reduce the overall transfer fees received for players (with the exception of the transfer fees paid in the Middle East and the English Premier League or for veritable superstars). Despite the expected potential losses and the uncertainty as the situation continues to unfold, the European leagues remain attractive for talented young players. Besides that, Borussia Dortmund has an excellent team. A dynamic transfer market can be expected all the same in the summer of 2025, with some very lucrative deals in the pipeline. From Borussia Dortmund’s perspective, a notable example is the transfer of the player Jamie Gittens to Chelsea FC in July 2025. Therefore, Borussia Dortmund expects that its transfer deals will continue to contribute significantly to earnings in the coming financial year.