Bayern Munich Sells Stake to Viessmann Family Office at €4bn Valuation

✦ Meridian Analysis

German football club Bayern Munich has signed a deal to sell a stake to Viessmann Generations, a German family office with a reported fortune in the heating equipment industry. The transaction values the club at approximately €4 billion. Viessmann Generations will initially acquire a 5% stake, which will increase to almost 6.7% following a capital increase. This stake sale makes Viessmann Generations the fourth external shareholder, joining Adidas, Allianz, and Volkswagen (via its Audi subsidiary). Max Viessmann will also join the FC Bayern supervisory board. The club will retain 70% of its shares, with the four minority shareholders collectively holding 30%. This stake sale is notable given the challenges external investors, including private equity funds, have faced in entering German football. Earlier this year, Blackstone and CVC withdrew from bids for a German football broadcasting rights deal following fan protests. German club ownership rules also continue to deter foreign private investment. The valuation of Bayern Munich at €4 billion places it among the highest-valued football clubs globally, though it remains below the €6.72 billion valuation for a minority stake sale in Liverpool FC to a group led by Jeff Bezos, or the reported €8.62 billion valuation of Real Madrid. The financial details of the transaction were not disclosed by the parties in their statement. Information regarding specific advisers and the full timetable for the capital increase was also not made public.

The Meridian Weekly