Features
Police Raid Eventim Offices
It wasn’t possible to get comment from Eventim executive chairman Klaus-Peter Schulenberg or legal and communications chief Rainer Appel at press time, but a Sueddeutsche Zeitung report on the Sept. 17 raid quoted a company spokesman saying it had come as a complete surprise.
“We will be doing everything to help clear up the matter,” the spokesman told the German newspaper.
The raid on Eventim’s Bremen HQ came as the Munich public prosecutor’s office was already examining documents taken from the German Football Federation (DFB).
The Sueddeutsche Zeitung story says the investigation is centered on how about 70,000 tickets ended up in the hands of touts.
Eventim held the exclusive right to sell the tickets for the World Cup finals, which were staged in Germany. The event produced revenues of more than euro 5 million ($6.6 million).
Eventim is also partnering with DFB as the official ticket-seller for next year’s women’s World Cup, which is also being staged in Germany.
The Munich prosecutor’s search came a couple of weeks after it was revealed the German monopoly authority is probing Eventim’s $183.5 million purchase of major rival See Tickets Germany and Ticket Online Group.
The Cartel Office wants to see detailed information on the deal to determine whether it should have been notified of the transaction under the country’s merger control regulations.
Eventim says a team of specialist merger lawyers monitored the acquisition and concluded no notification was necessary due to the revenue and ownership situation when the transaction took place.
“We are confident that, after detailed examination of all the facts, the Federal Cartel Office will reach the same conclusion as we did,” Schulenberg said in a company statement.
The share purchase agreement and a 12-year exclusive ticketing contract with former owner Stage Entertainment Germany were signed July 5.
In the fiscal year 2008-2009, See Tickets Germany and Ticket Online Group generated revenues worth $50.9 million. Pre-tax profit was $17.3 million. Eventim chief financial officer Volker Bischoff said cost savings and synergies were worth a further $19 million.