You can't be serious
You can't be serious
"Schalke and Bayern saved Dortmund," say many BVB haters. And it's true, even if some in black and yellow only admit it through gritted teeth. The Blue and Whites from Schalke and the big shots from Munich are the "dearest enemies" of the Dortmund faithful…
BVB received a major boost from FC Schalke 04: In early 1974, the Ruhr club was languishing in the second-tier Regionalliga West. The opening match at the new Westfalenstadion on April 2, 1974 against rivals Schalke 04 drew around 50,000 spectators — and delivered BVB a financial windfall that kept them afloat.
The 1973/74 season could only be completed because the players agreed to forgo part of their salaries. BVB were so financially destitute after relegation that they could not meet their payroll obligations. The squad, aware that the club’s very existence was at stake, accepted deferred and reduced payments to keep the lights on. Several players took second jobs during the off-season. The solidarity shown by the dressing room in this period is rarely mentioned in the club’s official narratives, which prefer to focus on the triumphs.
But it was this spirit of collective sacrifice — players choosing the club over their own financial security — that kept Borussia Dortmund alive during its darkest hour. Without that wage sacrifice, there might be no BVB today.
Dortmund and money — always a complicated affair! After the glorious 1997 Champions League triumph, many sceptics asked: how will Dortmund finance the next step? The answer, it turned out, was recklessly. President Niebaum and manager Meier embarked on a spending spree that dwarfed anything in Bundesliga history. Transfer fees, signing bonuses and wages spiralled out of control. Amoroso alone cost €25.5 million from Parma — a club record that seemed insane even at the time. Rosicky, Koller, Ewerthon, Frings, Metzelder: the squad read like a fantasy football team.
But the revenue model depended on Champions League qualification, premium TV deals (via Kirch), and the stock market debut delivering ongoing returns. When all three pillars collapsed simultaneously between 2001 and 2003, the financial architecture disintegrated. The club that had spent like a Premier League side found itself unable to pay its utility bills. It was the most spectacular financial collapse in the history of German professional football.
On October 31, 2000, Borussia Dortmund became the first German football club to go public. With a share price of €11 at launch, the IPO on the Frankfurt Stock Exchange raised approximately €150 million. The mood was euphoric — analysts predicted the shares would soar as Dortmund monetised their brand, stadium and European success. The business plan was seductive: use the capital markets to fund a squad capable of sustained Champions League competition, generating revenue that would push the share price ever higher. On paper, it was a virtuous circle. In reality, it was a house of cards built on assumptions that would prove catastrophically wrong.
In one of football's great ironies, bitter rivals Schalke 04 played a decisive role in keeping Dortmund in the Bundesliga during the 1974 Bundesliga scandal. While several clubs faced relegation for match-fixing, Schalke's involvement in the affair created a constellation that ultimately spared the BVB.
On October 31, 2000, Borussia Dortmund became the first and only Bundesliga club to go public. The share debuted at 11 euros. By March 2026, it trades around 3 euros — a catastrophic long-term investment. Yet the listing provided crucial capital during the early 2000s spending spree that brought Champions League glory and near-bankruptcy in equal measure.
When Erling Haaland signed in January 2020, his contract included a release clause of 60 million euros — a fraction of his market value. In 86 matches, the Norwegian scored 86 goals before Manchester City activated the clause in 2022. The transfer exemplifies BVB's model: develop world-class talent, lose them below market value.
Jude Bellingham arrived from Birmingham City as a 17-year-old in 2020 for 25 million euros. Three years and 132 matches later, Real Madrid paid 103 million — the highest fee ever received by a German club. Bellingham's trajectory from English teenager to Ballon d'Or candidate validated BVB's academy-to-elite pipeline.
On May 27, 2023, Dortmund needed only a draw against Mainz to secure their first Bundesliga title since 2012. Leading 2-0, the title seemed certain. Then Mainz scored twice in the 89th and 91st minutes — 2-2. Meanwhile, Bayern Munich completed their comeback against Cologne. The championship was lost in 120 seconds of collective trauma.
Borussia Dortmund's financial history reads like a thriller. From the humble origins as a working-class club to the stock market listing in 2000, from near-bankruptcy in 2005 to record revenues of 526 million euros in 2025 — the financial rollercoaster mirrors the sporting one. The IPO at 11 euros per share promised a new era of professionalism; by 2005, the share was worth barely a euro as the club begged rivals for emergency loans.
In one of football's most remarkable acts of solidarity, Bayern Munich extended an emergency loan to their fiercest Bundesliga rival in 2005. Without Bayern's intervention — and financial assistance from Schalke 04, of all clubs — Borussia Dortmund would almost certainly have gone bankrupt. The rescue shaped a generation's understanding of German football solidarity, even as it created an uncomfortable debt of gratitude.
Schalke 04's role in BVB history extends beyond rivalry. In the dramatic 2001/02 season, Schalke's late-season collapse gifted Dortmund their most recent pre-Klopp championship. The blue-and-white neighbours lost crucial matches down the stretch while BVB held their nerve. Years later, Schalke would also help save Dortmund from financial ruin — a complex relationship that defies simple characterization.
Few transfers in German football have generated as much controversy as Andreas Moeller's moves between Dortmund and Frankfurt. His departure, return, and eventual second departure created a narrative of betrayal and reconciliation that divided fans. Moeller's undeniable quality — he scored crucial goals in both Bundesliga title campaigns — was always overshadowed by questions about his loyalty and motives.
The events of May 27, 2023 deserve retelling in full because they capture everything about supporting Borussia Dortmund. At 3:15 PM, the Westfalenstadion was a cauldron of celebration — BVB led Mainz 2-0 and were minutes from their first title since 2012. Marco Reus, who had waited 12 years for this moment, was already crying tears of joy on the bench. Then Mainz pulled one back. Then another. The final whistle brought a 2-2 draw and utter devastation. Meanwhile, Bayern Munich had completed their own comeback against Cologne. In the space of 120 seconds, a decade of longing had been crushed. Reus would leave the following year without ever lifting the Meisterschale.
On January 21, 2025, Borussia Dortmund lost 2-4 at promoted Holstein Kiel — a result that crystallized everything wrong with the Sahin era. The team that had reached the Champions League final seven months earlier was unrecognizable: tactically naive, mentally fragile, and physically outfought by a side playing their first Bundesliga season. Sahin was dismissed hours after the final whistle, his four-month tenure making him one of the shortest-serving coaches in BVB history.
Andreas Moeller's relationship with Borussia Dortmund is football's most complicated love story. The gifted playmaker first left for Eintracht Frankfurt, then returned to play crucial roles in both the 1995/96 championship and the 1997 Champions League triumph. His second departure — back to Frankfurt — infuriated fans who had welcomed him back as a prodigal son. Moeller's legacy at BVB is defined by this tension: unquestionable talent, decisive contributions in the biggest matches, but a restless nature that prevented him from becoming a one-club legend.
On October 31, 2000, BVB went public at €11 per share. The €150 million raised was largely spent on player transfers. The share price has never recovered to its IPO level.