German football rejects €1.85bn PE media rights sale

Deutsche Fussball Liga (DFL), Germany's professional football body, has failed in its bid to secure backing from clubs for the sale of a stake in its media rights to private equity suitors including CVC Capital Partners, Blackstone Inc, and Advent International, according to a report by Bloomberg.

DFL needed the backing of two-thirds of the 36 Bundesliga clubs at a meeting on Wednesday to proceed with the sale of a 12.5% stake in a subsidiary holding Bundesliga broadcast rights for as much as €1.85 billion.

Only 20 of clubs voted in favour of the plan with a host of clubs including FC St Pauli, FC Köln and FC Augsburg, all having expressed concerns in the run-up to the vote.

DFL wanted the clubs' backing to proceed with the deal to boost its finances in a bid to keep pace with other major leagues including Spains La Liga and the Engligh Premier League.