BORUSSIA DORTMUNDGmbH & Co. Kommanditgesellschaft auf Aktien, Dortmund Sundays. Football will also return to free-to-air environment, Borussia Dortmund on principle only TV after a 17-year hiatus, with ProSieben/Sat1 takes transfer income into limited account in its acquiring the broadcasting rights to a total of nine planning. The transfer policy nevertheless presents live matches. Even though the agreement fell significant opportunities to generate substantial somewhat short of expectations with a decline in income. Consequently, transfer deals are always volume of around 5%, in these uncertain times it assessed against the background of the current represents the best possible degree of stability season. High transfer sums often go hand in hand and an excellent economic foundation for the with a drop in quality within the team, but it cannot coming seasons. be ruled out that value-driven transfers will be concluded contrary to the Company's sporting The COVID-19 pandemic is also affecting interests. Given Borussia Dortmund's sustained international TV marketing from UEFA competitions. success, its players are increasingly piquing the To alleviate the financial impact of the pandemic on interest of other top clubs. the clubs, the income shortfall will be spread over five seasons (from the 2019/2020 to the 2023/2024 The COVID-19 pandemic continues to affect season), which will stretch the adverse effects out transfers. Based on last year's summer transfer over a longer period. In specific terms, UEFA will window, it can be assumed that the economic make the deductions before distributing funds to uncertainty and decline in income experienced by the clubs. The planned distributions nevertheless clubs around the world will continue to temporarily remain highly attractive. reduce the transfer fees received for players. The summer transfer window is now back to normal Stadium marketing is subject to compliance with and will last from 1 July to 31 August 2021. social distancing and health and safety protocols, Despite the expected potential losses and the but this does enable stadium tours to be offered. uncertainty as the situation continues to unfold, the External events can likewise be held in the European leagues remain attractive for talented hospitality areas, albeit with restricted guest young players. Besides that, Borussia Dortmund numbers. Under the appropriate conditions, football has an excellent team. An active transfer market training courses can also be offered. The likely can be expected all the same in the summer of 2021, restrictions on selling alcoholic beverages and the with some very lucrative deals in the pipeline. A limited stadium capacities at home matches will notable example is the transfer of Jadon Sancho to weigh on the profitability of public catering. Manchester United in July 2021. This revenue stream therefore also remains affected, since it is dictated by political decisions and official stipulations. 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 168