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Bayern valued at $1.796 billion
February 12th, 2014 4:28PM

TAGS:  germany


[SOCCER BUSINESS] German insurance company Allianz purchased an 8.33 percent stake in Bayern Munich, giving the German champion a valuation of $1.32 billion euros ($1.796 billion).

The deal will help the club pay off debts on its stadium and to pay for the construction of a youth academy. Allianz will have the option to extend its naming rights for the club's Munich stadium until 2041.

Jan-Christian Dreesen, chairman of Bayern Munich's finance committee, said the club has "once again set in place the basis of a solid, financially secure future for the club."

Allianz becomes the third minority shareholder in FC Bayern along with Adidas and car maker Audi. All three Bavarian-based companies hold 1/12 interests. The main shareholder remains the club member association that controls 75 percent of the stock.

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