The IPO, which is expected to take place in “near future” and which will be open to the general public, is not yet officially detailed. At most, do we learn that she will only wear on the sale of existing shares.

The expected valuation, which is nearly 40% higher than that of Ajax Amsterdam, is puzzling. “This is indeed a big bonus over the average football club, but the Club sells itself as a company with solid recurring cash flow and profitability and not like an average club, “a source told Tijd.

The high valuation compared to that of a club like Ajax is explained by the fact that the free float (by marketable capital) of the latter is reduced to a quarter of the capitalization, which is less interesting for many large investors.

The shares that will be listed on the stock exchange are a part of those held by Grizzly Sports – a vehicle owned by the main shareholders Bart Verhaeghe, Vincent Mannaert, Jan Boone and Peter Vanhecke who, prior to the offer, hold a combined holding of 94.34%. When the offer closes, Grizzly Sports is expected to remain the main shareholder of Club Brugge. The IPO should earn him between 100 and 200 million euros.

The football club specifies that the offer should further strengthen Club Brugge’s visibility as a commercial enterprise in the football sector, create a new long-term shareholder base, allow supporters to become shareholders and provide liquidity to Grizzly Sports.

In the 2019-2020 financial year, the club generated 120 million euros in revenue, a ebitda of 61 million (with a margin of 51%) and a benefit net of 24 million (20% margin). For the first half of 2020/2021, the company mentions in a press release resilient financial performance despite the limits imposed on stadium attendance.

Credit Suisse, JP Morgan, Berenberg and Belfius Bank are organizing the operation.