Two-thirds of the 36-strong German Football League, also known as the Bundesliga, have voted in favor of a plan to secure private equity investment in return for a share of TV rights over the next two decades.
German public broadcaster DW reported that 24 teams have voted in favor of the measure, while 10 voted against and two abstained.
The deal meant that 6% to 9% of the shares in a Bundesliga subsidiary would be sold for 20 years in exchange for media rights for its matches.
With the entry of an investor, the league wanted to further develop its business model and improve the international marketing of the top two leagues, including the creation of a streaming platform.
Bundesliga clubs have also met up, with a common consensus against the question of whether an investor should be bought in to achieve profit.
Read Also: 'God Doesn't Exist': Megan Rapinoe Ends Soccer Career With Injury In Last Game
Investors Allowed in Bundesliga Promotion
Attempts to bring in investors have previously been unsuccessful.
Traditionally, German football has proudly built a reputation for itself through its fan commitment, as well as by restricting the degree of influence external investors could have on the club through the 50+1 rule, which required club owners at least 50% plus one vote ownership of the club, thereby ensuring members have control over major club decisions.
German football fans have been fighting the said principle for months on end, with the latest protests against the arrival of investors happening the weekend before the Bundesliga meeting.
A fan alliance named Unser Kurve also complained that the process was rushed and lacked "sensible, transparent, and in-depth discussion."
Related Article: Soccer Players Anwar El Ghazi, Youcef Atal Suspended for Israel-Hamas War Remarks
