Three cash contributions by Civinity to the public institution’s capital are planned. Once these have been made and the specified conditions have been met, the group could acquire a total of 41 votes at the general meeting of co-owners. After the first contribution, Civinity is set to receive 13 votes. The total planned cash contributions will total EUR 1.5 million, with additional investment in infrastructure. Financial details will be announced upon completion of the transaction.
The cash contributions for the new ownership interests would go directly to the club. The partnership aims to strengthen the club’s financial foundation and develop infrastructure capabilities in line with its sporting ambitions.
„The co-owners of Rytas have approved Civinity’s admission as a new co-owner, as they see an opportunity to strengthen the organisation and plan more effectively for the coming years. The team needs good day-to-day working conditions, and young players need the opportunity to prepare systematically for professional basketball. The co-owners aim for the club’s growth to provide more opportunities for both the team and young players,“ says Martynas Giga, CEO of Vilnius Rytas.
Civinity would work alongside the club’s existing organisation, drawing on its business management expertise and helping identify additional sources of income. This would provide greater scope to plan the club’s activities over the longer term and allocate resources to its growth. The club’s professional staff would remain responsible for sporting decisions.
„We have chosen Rytas because of its sporting ambitions and its connection to Vilnius. Sports infrastructure is part of our ‘Smart Green City’ strategy. When planning its development, it is important to us who will use these spaces daily and how they will help the club grow. Rytas, together with its fan base, can bring a vibrant, ongoing sporting life to these spaces. We link our contribution to our experience in managing and growing businesses – we want to help the club generate more revenue and use it to support its long-term plans,“ says Deividas Jacka, Chairman of the Board at Civinity.
Both organisations view the team’s development and its infrastructure needs as interlinked. The club needs facilities to host matches and the ability to plan training sessions consistently. Developing young players requires an environment where promising basketball players can work regularly with coaches and prepare for the step up to the first team.
When seeking infrastructure solutions, the needs of the entire Rytas organisation would be taken into consideration. One area of cooperation would be to align the conditions required for matches with the day-to-day training of the first team and young players.