KK Cibona completes transformation into a sports joint-stock company

Basketball club Cibona has successfully completed its transformation from a sports association into a sports joint-stock company, becoming KK Cibona s.d.d. Victor Dodig, a leading Canadian businessman of Croatian descent, has become the club's majority owner with a 69.96% stake. The first and only round of the share subscription ran from 31 August to 25 September 2026 and proved an outstanding success: the minimum conditions set out for the transformation process were comfortably exceeded, confirming investors' and creditors' strong confidence in the club's new vision.

As part of the successfully completed capital increase, a total of €1,730,100 was raised in cash, exceeding the statutory minimum of €1.6 million, with investor Victor Dodig making the decisive contribution through a payment of €1,725,000. At the same time, creditors converted their existing undisputed claims into share capital and capital reserves in the amount of €4,306,100, bringing the new company's total share capital to €3,459,600, divided into 34,596 shares with a nominal value of €100 each.

"From the very first moment I invested in Cibona, I had a clear vision and ambition to bring the club back to the level it deserves. We want to build a strong European club with a clear management strategy at every level. Zagreb and Croatia love basketball, and they love Cibona, so I am confident that we will once again fill the arena and watch some of Europe's strongest teams play in our city. Through this transformation into a joint-stock company, the club has gained responsible owners who are ready to invest their own capital in this project, and I am especially happy and proud to lead this group. Only by working together can we take the steps forward that we all want in the years ahead, and I believe we will live up to both our fans' expectations and the ambition we have set for ourselves," said Victor Dodig.

Eligibility to take part in the first round was limited to the Club's existing creditors who, according to the latest auditor's report as at 31 December 2025, held an outstanding undisputed claim of at least €100. Shares could be subscribed through a cash payment, the contribution of all or part of a claim, or a combination of the two.

Dodig becomes majority owner; City of Zagreb and city-owned companies remain minority shareholders in Cibona

The new ownership structure reflects the investments and claim conversions made by the club's key creditors and investors. Notably, the City of Zagreb, together with its associated city-owned companies, remains a co-owner of Cibona, holding a combined 6.1% of the club's shares and making it the third-largest shareholder. The second-largest shareholder, behind Victor Dodig, is Turnover j.d.o.o. with 18.96%, while the remaining shares are held by other partners and creditors, including Escont Partners (2.40%) and Bilić-Erić (1.09%), as well as, with holdings below 1% each, BDO Revizija, Nikola Perenčević, Mario Petrović, TWT-Grupa Vladimir Turković, Klara Draganić, Davor Pejčinić and Tomislav Šerić.

"It should be emphasised that, by establishing the sports joint-stock company, the club's legal continuity, identity, rich history and extremely valuable sporting heritage have been fully preserved. The successful completion of this transformation confirms that we approached it the right way and with a clear goal. Thanks to the joint effort and tremendous support of our shareholders, partners and institutions, we have successfully brought Cibona's historic transformation into a joint-stock company to a close. This step gives us financial stability and clear accountability in management, which is a precondition for long-term competitiveness on both the domestic and European basketball scene. I would especially like to thank Victor Dodig, who believed in this project from day one. My sincere thanks also go to all the players, coaching staff and support personnel, as well as to the colleagues who have run the club's operations over the past period and made an immense contribution to bringing this process to a successful close," concluded club director Tomislav Šerić.

The next step in the process will be the holding of the Constituent Shareholders' Assembly, the exact date and time of which will be communicated to all shareholders in due course.