Germany’s Bundesliga has held discussions with Apollo Sports Capital regarding a proposed €1 billion loan secured against the league’s future domestic broadcasting revenue, according to The NYT.
The preliminary structure would provide financing over 20 years without transferring an equity interest in the league to Apollo.
The proposal did not result from a formal tender process and remains at an early stage. Any agreement would require approval from at least two-thirds of the 36 clubs competing across Germany’s two highest professional divisions.
The proposed loan represents the latest attempt to bring outside capital into German professional football while avoiding some of the ownership concerns that affected previous private investment plans.
German clubs generally operate under the 50+1 rule, which requires club members to retain a majority of voting rights. The rule is intended to preserve supporter influence, protect club identities and limit control by outside investors.
However, the ownership structure also restricts access to some forms of external capital that are common in other major football leagues.
Bundesliga clubs outside Bayern Munich have struggled to match the financial resources available to leading English Premier League teams. Bayern has won 13 of the past 14 league championships, contributing to concerns about competitive balance and the Bundesliga’s ability to expand internationally.
The league previously considered selling 12.5% of future domestic broadcasting revenue for €2 billion. That proposal failed to receive sufficient club support in 2023.
A modified proposal involving 8% of future broadcasting revenue in exchange for €1 billion was approved later that year but abandoned in February 2024 following sustained supporter protests and match disruptions.
The Apollo proposal differs because it would be structured as debt rather than an equity or revenue-share investment. It remains unclear how the Bundesliga would allocate the proceeds or whether the structure would generate less opposition from supporters.
