Germany's DFL soccer clubs veto bid to allow outside investors (updated)

Borussia Dortmund GmbH & Co KgaA

24/05/2023 14:59

(Adds quote from DFL supervisory board chief, adds background
on external funding)
    By Alexander Hübner
       MUNICH, May 24 (Reuters) - 
    Clubs in the German DFL soccer league failed to reach a
two-thirds majority in a vote to allow outside investors to buy
its media rights, DFL supervisory board chairman Hans-Joachim
Watzke told reporters on Wednesday. 
    There were 20 yes votes, 11 no votes and five abstentions in
a secret ballot at a meeting of 36 professional soccer clubs in
Frankfurt. 
    The DFL had hoped to receive around 2 billion euros ($2.20
billion) in return for a 12.5% share of the proceeds from the
media marketing of the Bundesliga for at least 20 years.
    Investors Advent, CVC and Blackstone had been in the running
to acquire a stake, according to sources.
    "That's the end of the topic as of today. That's democracy,"
said Watzke, who is also the head of Borussia Dortmund  BVB.DE .
  
    National soccer leagues in Europe are increasingly eyeing
external funding through broadcasting arrangements as they look
at ways to boost revenues and increase their global reach.
        Critics, however, see it as another step towards the
sport becoming too heavily commercialized. 
  
        The Bundesliga is ranked as Europe's second-biggest
soccer league by revenue after England's Premier League.
  
        DFL began informally sounding out bidders last year, but
delays in gaining consensus among German clubs resulted in the
resignation of its former chief executive Donata Hopfen.
  
($1 = 0.9084 euros)

 (Reporting by Alexander Huebner, Writing by Friederike Heine
and Matthias Williams)
 ((friederike.heine@thomsonreuters.com;))