The Credit Suisse bankruptcy only knows losers. In sports, too, the dismay is great.
Roger Federer received ten million francs a year from the ailing bank, the Swiss Football Association received six million – and the Super League eight million per season. The ailing bank was also a key player in equestrian sports (White Turf) and golf (European Masters in Crans-Montana).
Those responsible for the Zurich football clubs are particularly dismayed by the CS-Aus. Because the stadium on the Hardturm site, which has been planned for decades, is closely linked to Credit Suisse.
The bank secured the naming rights to the arena for a sum of thirty million for a period of ten years from the opening. Will it ever come to that? As of Sunday evening, this is more uncertain than ever.
While the China-controlled grasshoppers have so far remained silent, FCZ President Ancillo Canepa has gone on the communicative offensive and announced in a communiqué: “As a former mergers and acquisitions consultant who was involved in numerous similar cases, I can state that an acquiring company is generally fully liable for the obligations of the acquired company. According to the information available, this is not a restructuring, but a regular M&A transaction. Whether it’s a merger or acquisition – the current contracts and obligations, including in the area of sponsorship, remain valid.”
As correct as Canepa’s execution is in theory, it also seems nourished by hope. It would somehow fit the endless history of the Zurich stadium, which has so far (felt) been accepted thirteen times at the ballot box by the voters, but just as often blocked by climate activists, city beekeepers, cottage owners and (currently) squatters Credit Suisse would bring down the project – again.
The bank was already in charge of the original construction project – with a view to the EM 2008. But then she let herself be driven away by the shadow cast. Now the shadow is longer – much longer.
