The capital increase will bring fresh funds into the football club and reduce its members’ association to the 70% ownership minimum once the transaction is registered.
Bayern Munich has agreed an investment by Viessmann Generations Group through a capital increase, bringing new money into the football club rather than paying existing shareholders for their shares. Inside World Football reported the deal on October 23, citing German outlets that put its value at about €250 million. Bayern has not disclosed the price.
Bayern’s members’ association currently holds 75% of FC Bayern München AG, the company receiving the investment. Its holding will fall to 70% when the transaction is registered, leaving members in control but reaching the minimum required by the club’s statutes.
A capital increase creates new shares. Existing investors will therefore own smaller percentages of the enlarged company—a change known as dilution—without selling their shares. Viessmann will hold just under 6.7% after registration.
| Shareholder | Before | After registration |
|---|---|---|
| Members’ association | 75% | 70% |
| Viessmann Generations Group | No holding | Just under 6.7% |
| Adidas | About 8.33% |
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| Just under 7.8% |
| Audi | About 8.33% | Just under 7.8% |
| Allianz | About 8.33% | Just under 7.8% |
Reaching the 70% floor means further dilution would require a change to the existing ownership structure and potentially member approval, Inside World Football reported. Based on the reported price, the investment implies a value of around €3.7 billion for the company’s equity after the transaction.
Bayern president Herbert Hainer said the stronger equity base would give the club greater flexibility. German reporting cited by Inside World Football suggests Bayern intends to keep much of the money as a financial reserve rather than immediately spend it on player transfers.
Viessmann has been a commercial partner of Bayern since 2018. Registration will establish its ownership stake, while Max Viessmann, the group’s chief executive, is expected to join Bayern’s supervisory board as it expands from nine to ten members.
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