Last Monday (17), through social networks and official websites, Signa Sports United (SSU) declared that it was the victim of a scam due to a contractual termination related to the Capital Commitment Letter of its own company, Signa Holding GmbH, equivalent to 150 million euros.
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In the statement, the company explained that Signa Holding GmbH signed a contract in which it was obliged to provide 150 million euros to meet the financing that had been agreed. The decision between the two companies was established on June 26th until the end of 2025.
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Therefore, after providing just 7 million euros, Signa Holding GmbH stated that it would terminate its commitment, leaving the German company without financing for the coming years. Upon learning of the decision, Signa Sports United (SSU) stated that it will “take appropriate legal action” in the situation.
“After many years of mutually trusted collaboration and reliable financing between the company and SIGNA Holding, SSU has relied on the binding and unconditional nature of the Equity Commitment Letter to continue raising funds to meet its short-term obligations and for its going concern assessment of the Company and its subsidiaries. The Company considers the termination of the Equity Commitment Letter by SIGNA Holding to be unjustified,” said the company’s statement.
In August 2023, one of the companies managed by Signa Sports United (SSU), Wiggle Chain Reaction Cycles (CRC), suffered a loss in its accounts of 100 million euros due to the increase in Brexit and the drop in post-pandemic revenue.
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