Bundesliga explores €1bn financing proposal from Apollo Sports Capital

Germany’s Bundesliga is evaluating a proposed €1bn financing package from US investment firm Apollo Sports Capital, in the latest example of private capital firms seeking exposure to the sports sector without acquiring equity stakes, according to a report by The Athletic.

Representatives from the Bundesliga reportedly met Apollo Sports Capital in New York to discuss a potential 20-year loan secured against the league’s future domestic broadcasting revenues.

Unlike previous proposals to bring private equity investment into German football, the structure under discussion would reportedly be debt financing rather than an equity investment, meaning Apollo would not receive an ownership interest in the league or its commercial rights.

Any transaction would still require approval from the 36 clubs across Germany’s top two professional divisions, with a two-thirds majority needed before a deal could proceed.

The proposal follows two unsuccessful attempts by the Bundesliga to attract external capital through the sale of minority interests in its media rights. In 2023, clubs rejected a plan to sell a 12.5% stake in future domestic broadcasting revenues for €2bn. A revised proposal, involving an 8% stake in exchange for €1 billion, was approved later that year but ultimately abandoned in early 2024 after widespread fan protests.

Supporters argued that introducing private investors would undermine Germany’s 50+1 ownership model, which ensures member-controlled clubs retain majority voting rights and has long been viewed as a cornerstone of German football governance.

By structuring the latest proposal as a loan rather than an equity investment, the Bundesliga may hope to avoid some of the governance concerns that derailed previous initiatives. Nevertheless, any financing arrangement secured against future media revenues is also likely to face scrutiny from clubs and supporters.

Discussions between the Bundesliga and Apollo remain at an early stage, and no agreement has been reached.