October 23: Bayern Munich has brought Viessmann Generations Group into its ownership structure in a deal worth around 250 million euros, using the final stake available to a private investor under the club’s current governance model.
The investment will be made through a capital increase of FC Bayern München AG, rather than the sale of existing shares, giving Bayern a substantial injection of new equity while relinquishing control of the member association.
Viessmann will own just under 6.7% once the deal is registered, with the club’s stake rising from 75% to 70%.
Adidas, Audi and Allianz will be diluted from about 8.33% to just under 7.8%.
The €250m figure has not been disclosed by Bayern, but has been independently reported by various German media. On this basis, the agreement implies a capital valuation after the investment of around 3.7 billion euros.
It also carries a governance consequence. Bayern’s membership association now has its statutory minimum stake of 70%, meaning any further capital dilution would require a change to the existing ownership structure and potentially approval from members.
Viessmann is not a new face at the club, having been Bayern’s business partner since 2018. Max Viessmann, CEO of Viessmann Generations Group, is now expected to join Bayern’s supervisory board, which will increase from nine to ten members.
Bayern chairman Herbert Hainer said: “This step strengthens the ownership structure of FC Bayern München AG. A substantial strengthening of our capital base also provides us with greater flexibility at a time of constant change.”
Viessmann added: “As a fourth-generation family business, we want to bring capital and our entrepreneurial experience to the collaboration.”
German reports suggest that Bayern intend to keep much of the new capital as a financial reserve rather than direct it immediately towards transfers.
Be that as it may, the club has strengthened its balance sheet without renouncing the control of the members. What changes now is that, under the current rules, there is no fifth share left to sell.
Contact the writer of this story, Harry Ewing, at (email protected)