FootBiz newsletter #202: Capital, control and the next move

Bundesliga will present 50+1 ownership reform proposals in 2027

Germany's Bundesliga and 2. Bundesliga clubs will be presented with proposals for changes to the application of the country's 50+1 ownership rule during the first half of 2027, following renewed discussions with the German Federal Cartel Office, the Bundeskartellamt.

The Bundesliga's executive committee confirmed on Tuesday that it remains committed to retaining the rule, which generally requires clubs' members to hold a majority of voting rights in their professional football operations. However, the league has acknowledged that changes are necessary to address inconsistencies in its application and strengthen its position under competition law.

The DFL is led by managing directors Marc Lenz and Steffen Merkel, who have held their positions since July 2023. Their contracts were extended in April 2025 through the end of 2029. Both are involved in the league's wider response to the regulatory issues surrounding 50+1.

The announcement followed a meeting of representatives from all 36 Bundesliga and 2. Bundesliga clubs in Frankfurt on Monday, October 5. The discussions centred on the Bundeskartellamt's final assessment, published on August 12, which found no fundamental competition-law objection to the rule but identified the need for more consistent application.

The outstanding issues extend beyond the historical exemption arrangements at Bayer Leverkusen and VfL Wolfsburg. The Bundeskartellamt also identified concerns involving member participation at RB Leipzig and the application of 50+1 principles in the Hannover 96 case. Leverkusen is controlled by Bayer and Wolfsburg by Volkswagen, while the authority has stressed that the rule must be applied consistently across the league.

The Bundesliga's executive committee intends to present proposals to the clubs during the first half of 2027, with the 36 members ultimately responsible for deciding how the rule should be applied. It has warned against rushing the process, arguing that a broadly supported agreement offers the best prospect of avoiding prolonged litigation.

The issue has direct implications for investors examining opportunities in German football. Although 50+1 does not generally prevent external shareholders from acquiring substantial economic interests, it restricts their ability to exercise voting control. Investors must therefore distinguish between ownership of shares in a football company and control over the organisation responsible for its sporting and commercial decisions.

German clubs have developed several approaches to attracting outside capital while retaining member control. Bayern Munich has sold minority interests to Adidas, Audi and Allianz, while Borussia Dortmund operates through a publicly listed corporate structure. Neither arrangement provides outside investors with the degree of control commonly available through acquisitions in England, France or Italy.

The negotiations will determine how consistently Germany applies its ownership restrictions and what flexibility remains available to clubs seeking outside investment.

Nantes moves toward a proposed €100 million-plus sale

An agreement in principle has been reached over the proposed sale of FC Nantes to a consortium of European investors, potentially ending Waldemar Kita's ownership of the club after almost two decades. The proposed transaction values Nantes at more than €100 million, according to reporting by L'Équipe and AFP.

The prospective buyers are represented by Franco-Portuguese intermediary Paulo Tavares through Phenix Sports Invest, which is leading a pool of investors from France, Portugal and Luxembourg. Phenix publicly identifies a number of its partners, but the full investor group behind the Nantes bid and the proposed ownership split have not been publicly disclosed.

The proposed acquisition has already encountered opposition within the club. Nantes' Comité social et économique (CSE), which represents employees, voted unanimously against the takeover proposal on October 6, according to L'Équipe. Staff representatives raised concerns about the financial credibility of the prospective buyers, the security of jobs and the club's longer-term future. The CSE's opinion is advisory and does not prevent the transaction from proceeding, although the buyers must still satisfy the DNCG's financial requirements.

Kita acquired Nantes in 2007 and has overseen periods of relative stability in Ligue 1 alongside frequent changes in sporting leadership and management. The club is now competing in Ligue 2, making the financial resources and intentions of any incoming owners particularly important.

The reported valuation is substantial for a French second-division club. Nantes possesses a recognisable national brand, an established academy and a sizeable local following, although its future commercial and sporting prospects will depend heavily on the new owners' investment plans and the club's ability to return to Ligue 1.

Stade de la Beaujoire in Nantes in August 2016. A proposed ownership change values FC Nantes at more than €100 million.

Photo: Sylvain258 · CC BY-SA 4.0

The proposed transaction remains subject to financial and regulatory scrutiny, including the requirements of the Direction Nationale du Contrôle de Gestion (DNCG). Prospective owners will need to demonstrate that the club can meet its financial obligations, particularly following the reduction in revenue associated with relegation.

Neither the final ownership structure nor the financing arrangements have been publicly confirmed. Until the outstanding conditions are satisfied and completion is announced, the agreement should be treated as a proposed acquisition rather than a completed sale.

New capital reshapes ownership at Legia and Górnik

Two significant ownership developments at Legia Warsaw and Górnik Zabrze have brought renewed attention to investment in Polish football. Legia has secured an American minority shareholder, while Lukas Podolski's acquisition of Górnik has prompted debate over the valuation and financial obligations associated with the club's privatisation.

At Legia, Polish-American businessman Michael Gorzynski acquired a 40% stake on September 21, leaving Dariusz Mioduski with 60%. The transaction combines newly issued shares, the acquisition of existing shares from Mioduski and a shareholder loan facility. The club has not disclosed the financial terms, although Polish media have put the overall transaction at up to €50 million.

Gorzynski, owner and executive chairman of Continental Insurance Group and chairman of Alpha Metallurgical Resources, is chairman of Legia's supervisory board. Mioduski remains president of the management board, while Managing President (CEO) Marcin Herra leads the club's day-to-day executive management. Legia says the investment will strengthen its balance sheet, reduce debt and provide additional resources for development.

At Górnik Zabrze, Lukas Podolski's LP Holding GmbH acquired the municipality's 86% stake in May, adding to the nearly 8.3% it had bought from Allianz in December 2025 and taking its holding above 94%. The transaction followed a lengthy privatisation process and was approved unanimously by the city councillors present at the decisive vote on May 20.

The terms of the sale have attracted criticism from former Zabrze deputy mayor Krzysztof Lewandowski, who has questioned the valuation and conduct of the privatisation. In an interview with TVP3 Katowice, aired on October 1, Lewandowski reiterated that his objections concerned the price and process rather than the principle of selling the club. Podolski has challenged the criticism, pointing to Górnik's financial difficulties under its previous ownership.

Polish news agency PAP reported that the consideration for the 86% stake was less than PLN 4 million. The agreement also included a commitment by the new owner to inject approximately PLN 12.5 million over three years, an obligation that influenced the agreed purchase price. The distinction between consideration paid to the municipality and funding committed to the football business is central to the disagreement over the transaction's value.

Grant Thornton conducted financial due diligence and valued Górnik using asset-based and comparable-company methods, supplemented by an assessment of its earnings potential. Law firm CMS, which advised the municipality, confirmed that the agreement preserved the city's representation on the supervisory board and protected the club's name, crest and registered location. The sale therefore involved a broader set of financial commitments and contractual protections than the headline purchase consideration alone suggests.

Ernest Pohl Stadium during Górnik Zabrze's match against Lech Poznań in September 2026. Lukas Podolski's LP Holding now owns more than 94% of Górnik.

Photo: Paweł Legend · CC BY 4.0

Chelsea restructures its sporting leadership

Chelsea are reorganising their sporting department following an agreement for Laurence Stewart to leave the club by mutual consent, bringing an end to the co-sporting director arrangement he shared with Paul Winstanley. The club is not expected to appoint a direct replacement, with Stewart's responsibilities instead being redistributed among its existing senior football executives.

Stewart was appointed technical director in October 2022 after leaving Monaco, having previously worked at RB Leipzig. He subsequently became co-sporting director alongside Winstanley in February 2023, forming part of the extensive reconstruction of Chelsea's football operations following the club's acquisition by a consortium led by Clearlake Capital and Todd Boehly.

Chelsea announced on September 16 that affiliates of Clearlake Capital would acquire the ownership interests of Todd Boehly and Mark Walter, a transaction that will give Clearlake full control of the club once completed. Hansjörg Wyss will remain an important stakeholder and partner in the ownership group. The financial terms were not publicly disclosed. As of October 8, Chelsea's own ownership page still describes the transaction as pending completion.

Clearlake is ultimately controlled by José E. Feliciano and Behdad Eghbali. Jason Gannon is Chelsea's president, while James Murray serves as chief operating officer and has responsibility for the day-to-day running of club operations.

Winstanley will remain central to the revised sporting structure, with responsibility for negotiations with clubs and player representatives, contracts and the execution of transfer deals. Joe Shields and Sam Jewell are taking on greater responsibilities for recruitment and talent identification. Shields' work includes academy development and player pathways, while Jewell has responsibilities extending across BlueCo's multi-club operations, including Strasbourg.

The changes follow several years of heavy transfer expenditure. Since the 2022 takeover, Chelsea have invested heavily in younger players, frequently using long-term contracts. The recruitment operation has also become increasingly dependent on specialist executives working across scouting, data analysis, player development and transfer negotiations.

Stewart's planned departure will reduce the number of senior executives involved in the sporting leadership structure without fundamentally changing the club's recruitment model. Winstanley, Shields and Jewell are expected to run the football operation on a day-to-day basis, working alongside manager Xabi Alonso and reporting to the ownership group. Dave Fallows, who joined the sporting department in 2025, remains involved in an advisory capacity.

Stamford Bridge in May 2018. Chelsea is redistributing Laurence Stewart's responsibilities across its existing sporting leadership.

Photo: Anthony Parkes · CC BY-SA 2.0

Portuguese clubs record a roughly US$340 million transfer surplus

Portuguese clubs recorded approximately US$642 million in international transfer fees received between June 1 and September 2, 2026, against approximately US$301 million in expenditure, according to FIFA data. That left a positive balance of roughly US$340 million. Portuguese clubs ranked fifth globally for transfer receipts, behind France, England, Germany and Spain, and third for the number of incoming international transfers.

The figures cover international transfers involving Portuguese clubs across divisions, rather than the Primeira Liga alone. They exclude domestic transfers and reflect FIFA's reporting cutoff of September 2, before Portugal's summer registration window closed on September 15. FIFA's calculations include fixed and conditional transfer fees declared in its Transfer Matching System, irrespective of when payments fall due. The reported balance should therefore not be confused with cash generated during the period or accounting profits.

Portugal's leading clubs have developed substantial recruitment and player-development operations. Sporting's football department is headed by director-general Bernardo Palmeiro, alongside technical and scouting director Flávio Costa, who assumed their roles following Hugo Viana's departure in February 2025. At Benfica, Mário Branco serves as director-general for professional football, having joined in July 2025.

Porto's sporting operations are overseen by vice-president Tiago Madureira, working alongside Henrique Monteiro, the club's executive manager of professional football. Madureira moved from commercial to sporting responsibilities under president André Villas-Boas, who explained the division of responsibilities in May 2026. Villas-Boas credited Madureira with reorganising the sporting department and introducing greater structure and consistency, with Monteiro playing an important role.

At Braga, president António Salvador works alongside Jaime Teixeira, appointed Team Operations Director in July 2025 after previous roles at Paris Saint-Germain, FC Porto and the Qatar Stars League.

Famalicão's football operations are overseen by SAD president Miguel Ribeiro and director of football André Vilas Boas, who joined from Rio Ave in 2021 and has been involved in the club's recruitment and player-trading operations. The two executives visited Brazil earlier this year for meetings focused on strategic and institutional relationships. André Vilas Boas is a different individual from André Villas-Boas, the former Chelsea and Tottenham manager who is now president of FC Porto.

The FIFA figures establish the scale of Portugal's international transfer activity but do not provide a breakdown of the financial performance of Sporting, Benfica, Porto, Braga or Famalicão. Individual club results depend on the timing and accounting treatment of transactions, the book values of departing players, acquisition costs, amortisation and other expenses.

Estádio do Dragão in Porto in May 2015. Portuguese clubs recorded a roughly US$340 million positive balance on international transfers in FIFA's mid-year snapshot.

Photo: CaGeRaGe · CC BY-SA 4.0

Dortmund weighs the future of its Rheinmetall sponsorship

Borussia Dortmund are reportedly considering allowing their sponsorship agreement with German defence manufacturer Rheinmetall to expire in summer 2027, potentially bringing the three-year partnership to an end.

According to Sport Bild, there is growing support within Dortmund's leadership for not renewing the three-year agreement, which is reportedly worth up to €10 million annually, depending on the club's sporting performance. Rheinmetall, meanwhile, is understood to be interested in extending the relationship beyond its current term. No formal decision has been announced by either party.

The agreement was announced in May 2024, shortly before Dortmund's appearance in the Champions League final against Real Madrid. It made Rheinmetall a commercial partner of the club, with the company receiving advertising and hospitality rights. The partnership attracted criticism from supporters and political figures uncomfortable with a football club entering a commercial arrangement with a manufacturer of military equipment.

Dortmund defended the agreement at the time, with then-chief executive Hans-Joachim Watzke arguing that the changed security environment in Europe had altered the public discussion surrounding defence companies. The sponsorship nevertheless remained contentious, with supporters organising protests against the association.

The latest reports follow changes to Dortmund's executive leadership. Carsten Cramer was promoted from spokesperson to chairman of the management board and CEO with immediate effect on September 28, with his contract extended until June 2031. Lars Ricken's contract as managing director of sport now runs until June 2030, while Thomas Treß's agreement runs until June 2028.

Cramer has longstanding responsibility for Dortmund's commercial operations, including marketing, sales, internationalisation and communications. According to Sport Bild, he is among those favouring non-renewal, with the club weighing the sponsorship's financial contribution against its continuing unpopularity among sections of the support.

Dortmund generated consolidated revenue of €460.5 million in the 2025/26 financial year, down from €526 million the previous year, according to its published financial results. At its reported maximum value, the Rheinmetall agreement would represent approximately 2.2% of the club's latest annual revenue, although the actual contribution depends on sporting performance. Replacing the sponsorship would nevertheless require a substantial commercial commitment from another partner.

The club maintains longstanding commercial relationships with Evonik, Puma and Signal Iduna, alongside a broader international sponsorship portfolio. Its commercial operations have expanded considerably in recent years, particularly in Asia and North America.

The Rheinmetall contract remains in place until summer 2027. Dortmund have not announced a decision on renewal, and the latest reporting should be understood as an indication of the club's internal discussions rather than confirmation that the partnership will end.