Karajica Empire struck down - Punt Blog

From Glory to Bankruptcy Bingo

If Netflix ever runs out of mafia documentaries, they should give the Karajica sports empire a call. It’s got everything: meteoric rise, overexpansion, family business intrigue, and more bankruptcies than you can shake a balance sheet at. Grab your popcorn — this saga has enough drama to make “Succession” look like a calm day at the office.

Phase 1: The Empire Strikes First (2006–2015)

Zeljko Karajica started his journey in sports media with Plazamedia/Constantin Sport Medien, then rebranded DSF into SPORT1 (yep, that channel you zapped past while looking for Bundesliga highlights). He later jumped ship to ProSiebenSat.1 as COO and set up 7Sports. Think of it as the construction phase of his empire — shiny buildings, big promises, and lots of networking dinners.

Year	Milestone
2006	Plazamedia / Constantin Sport Medien
2009	Rebranding DSF → SPORT1
2012	Joined ProSiebenSat.1 as COO
2015	Launch of 7Sports (P7S1)

Building up

Founding of SEH Holding & ELF (2020)
Kickoff: ELF Season 1 (2021)
Hamburg Sea Devils & Cologne Centurions back on stage
“More Than Sports TV” tries to make niche sports… less niche
Side quests: Catering (Karabites), Viktoria Berlin, SK Austria Klagenfurt

Phase 2: Expansion Fever (2016–2021)

Around 2020, the empire switched into turbo mode: SEH Holding was founded, and the European League of Football (ELF) was launched. The Hamburg Sea Devils were resurrected, and the Cologne Centurions entered the field. Throw in More Than Sports TV, a catering company (because why not), and even football clubs like Viktoria Berlin and HNK Šibenik.

At this point, the Karajica family tree looked less like a business and more like an overgrown jungle.

Phase 3: Implosion (2022–2025)

And then… boom. The empire started collapsing like a badly built Jenga tower.

Invest-Gesellschaften bankrupt in March 2024.
Home United GmbH followed with its own insolvency.
Viktoria Berlin flirted with bankruptcy.
Even the mighty ELF saw defections — 11 teams split off to form the EFA.

Meanwhile, 42 (!) enforcement orders were reported against ELF/Sea Devils. To top it all off, T. Karajica filed for personal bankruptcy. If this were a video game, the Karajicas had officially reached “Game Over – Insert Coins.”

Disaster	Date
Insolvency: Invest-Gesellschaften	03/2024
Insolvency: Home United GmbH	2024
Viktoria Berlin – Preliminary Insolvency	2024
Formation of EFA (11 teams exit ELF)	2025
T. Karajica – Private Insolvency	2025

The “Family Business” Map

If you ever wondered what the Karajica empire looked like at its peak, here’s a snapshot — part Game of Thrones, part Monopoly board:

SEH Holding sat at the top, pulling strings across TV, football clubs, American football franchises, and even catering services. But in 2025, most of these boxes are either crossed out, insolvent, or in “rescue mode.”

Lessons from the Karajica Saga

Diversification is great… until it turns into chaos. Owning football clubs, TV stations, AND a catering company? That’s not synergy; that’s a recipe for financial indigestion.
Rapid growth is sexy, but debt collectors are sexier. Forty-two enforcement orders speak louder than any PR campaign.
Sports empires are fragile. Once fans, sponsors, and investors lose faith, it doesn’t matter how many Sea Devils you’ve got.

👉 Your Turn: What do you think? Is this the tragic downfall of a visionary entrepreneur, or just another chapter in Germany’s long tradition of overhyped sports projects?

Full report

The Big Report – grippingly told, but fact-based

(As of: October 3, 2025, Europe/Berlin)

Prologue: How to Build an Empire

It begins with a simple idea: what if sports, media, events, and the places where they happen were all in one hand? If rights, cameras, catering, and tickets didn’t flow into four separate tills, but into one? Brothers Željko and Tomislav Karajica turned that into a system. Not a polished corporation – more like an ecosystem built on nodes and trust lines: SEH Holding at the top, the European League of Football (ELF) in the middle, franchises/clubs as stages, production & distribution partners like KG Media and More Than Sports TV as amplifiers, catering/hotels as suppliers – and real estate as the foundation. When it works, the gears turn quietly. But when one axis jams, the whole structure vibrates.

Act I – The Formation (2006–2020)

Munich/Unterföhring is the training ground. Željko Karajica works his way through Plazamedia and Constantin Sport Medien, shaping the media machine’s self-image during the rebranding of DSF to SPORT1. At the same time, he collects partners and routines: producers, agencies, broadcast slots. In this world he meets Klaus Gronewald – founder of KG Media Factory in Unterföhring – and they stick together: same places, same topics, same pace.
Meanwhile, Tomislav builds his own track in Hamburg: Imvest, later Home United. The idea: create hubs – places like the “Hamburger Ding” or RCADIA – where sports, gaming, events, and business coexist under one roof. Not backdrops, but stage technology for the family orchestra.

Act II – The Machine (2020–2023)

2020 is ignition: SEH Sports & Entertainment Holding becomes the umbrella, ELF the engine. In Hamburg (Nobistor 16) the Sea Devils franchise is operated by SEH Football Betreiber GmbH – with SEH as owner. The hubs connect:

Production: KG Media Factory and KG Media Sports (HQ Unterföhring; operational base Bernstorffstraße 118, Hamburg) deliver sports content.
Distribution: More Than Sports TV (MV Sendebetriebsgesellschaft, Munich) pushes out the pictures.
Hospitality: Karabites (CEO Marko Karajica, Unterföhring) supplies events.
Location: Home United runs Hamburger Ding and RCADIA as physical hinges.

This is vertical integration in pure form. The order stream circulates in a loop – the league assigns work to “own” or close partners, and revenues trickle back into the system over several edges. To outsiders it looks like cronyism; to insiders like efficiency.

Act III – The Cracks (2024)

Then the real estate market faltered – interest rates, costs, reluctance. March 2024: several Imvest companies slide into insolvency. This is not a side problem; this is the foundation. Projects like the Hamburg TV tower come under pressure, RCADIA is dragged along. The machine still runs – but with less lubricant.

Act IV – The Stress Test (2025)

July 2025 brings the number that explains it all: 42 enforcement proceedings against ELF GmbH and Sea Devils. That is the moment when an internal problem becomes public – not as rumor, but as court matter. At the same time, clubs at the margins wobble (e.g., Viktoria Berlin with preliminary insolvency in June), and franchises threaten to break away.
April 2025: In Cologne, Senad Mecavica (Novel Media) and Kevin Tewe save the Cologne Centurions – a service provider becomes an owner. That happens when you try to protect the cycle even though the pump is sputtering.
August 2025: Tomislav Karajica files for personal bankruptcy. Symbolic – the real estate axis is no longer the safety line. ELF responds: Ingo Schiller becomes Co-CEO/CFO; Željko remains Co-CEO until season’s end. The message: governance & payment discipline are now top priority.
September 2025: Eleven teams form the EFA – starting 2026 outside ELF. This is more than a signal; it’s a market split.

Actors & Axes – on whom everything stands and falls

Željko Karajica – the metronome of media & league.
Tomislav Karajica – architect of places; his axis collapses in 2024/25.
Markan Karajica – building 7NXT (Gymondo/7Mind) – his own orbit, same DNA: content + platform.
KG Media (Gronewald/Heimlich/Lessner) – the production hand, based in Unterföhring and Hamburg.
Novel Media (Mecavica/Tewe) – branding/content – and savior of the Centurions.
MV Sendebetriebsgesellschaft (More Than Sports TV, CEO Köhler) – distribution channel.
Karabites (CEO Marko Karajica) – hospitality glue between event and experience.
Schiller/Esume – stabilization vs. farewell: Schiller takes over, Esume exits at season’s end.

The Mechanics – why it worked, why it broke

It worked because soft frictions were minimized: you don’t call a foreign production company, you call Klaus; you don’t need to onboard service providers, the paths are short and built on trust. But when one link fails – e.g., invoices paid too late – several stumble at once: production slows down, stadium rent presses, catering waits for money. Once the court steps onto the field, the narrative of “we’ll sort it out internally” is lost.

The Centurions Case – a mid-point lesson

The Cologne Centurions were a tipping point in 2025: a vendor (Novel Media) became rescuer and co-owner. That created stability in the microcosm – but also revealed how thin the buffer between league vision and payment reality had become. Such transactions are fuses – not solutions.

Legal & Payment Situation – what’s firmly documented

I’ve broken down the dry part for you in the “Legal_Payments_Matrix” in the workbook: date, affected entity, type of case (insolvency/enforcement), court/location, counterparty, (if known) amount, and status. The main anchors:

42 enforcement cases against ELF/Sea Devils (31.07.2025, Hamburg).
Viktoria Berlin: preliminary insolvency 06/2025; securities lifted 08/2025.
Tomislav Karajica: personal bankruptcy 27.08.2025 (AG Hamburg).
AT lawsuit (ex-sponsor): €9m loan – lawsuit won (reports), contracts named via “More than!”.
Berlin Thunder: insolvency under self-administration (09/2025).

This shows at a glance when the legal markers were set and which part of the system was affected.

Epilogue – What Remains

The Karajica system was never just a company – it was a web of people, places, and recurring assignments. In good times, a turbo; in bad times, a resonance chamber for problems.
In 2026, ELF faces two paths: painful downsizing with clear rules (payment discipline, fair vendor relations, transparent governance) – or fragmenting into small projects without critical mass. Leadership change and reorganization are the right direction. But what’s needed is time – and fresh trust: from franchises, service providers, and fans.