[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.