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06/05/2019

NEW STRATEGIC ALIGNMENT OF GRASSHOPPER CLUB ZURICH +++ BOARD CHAIRMAN STEPHAN RIETIKER RESIGNS

New strategic alignment of Grasshopper Club Zurich +++ Board Chairman Stephan Rietiker resigns.

Zurich, 5 June 2019: After intensive discussions over recent weeks and days between the main shareholders and the Board of Directors relating to the strategic and financial alignment of Grasshopper Club Zurich, a decision has been taken. The shareholders have opted for a budget that should enable the club to aim for its sporting targets within the framework of a long-term perspective.

The targets envisioned by Board Chairman Stephan Rietiker and the two main shareholders, however, differ. Stephan Rietiker, who took up his office as Chairman of the Board of Directors at Grasshopper Club Zurich nine weeks ago, is of the opinion that he cannot credibly justify any remaining in the Challenge League over the medium to long term. "I joined to guide GC back to the Super League as quickly as possible. I was not able to credibly support the plan now adopted and have therefore decided to leave the task to someone who is convinced of this approach," said Rietiker, informing the shareholders personally during a meeting this morning.

Rietiker emphasised to the shareholders that he accepts their decision. It is clear that it is always the shareholders who have the final say and are ultimately also responsible financially for such a decision.

"Grasshopper Club Zurich continues to be a club with many great employees despite the currently difficult situation. I wish the Hoppers every success on the field," noted Rietiker on the announcement of his resignation. Rietiker thanked the employees for their huge commitment under the difficult conditions of the recent weeks. He will continue to have a close bond with GC.