Bayern Munich Sells Stake to Viessmann at $4.5 Billion Valuation

German champions Bayern Munich have added a fourth shareholder to their professional football arm by selling a stake to the Viessmann Generations Group. The family-run business, managed by its fourth generation, is acquiring the last available shares in FC Bayern München AG. The deal values the club at approximately 4 billion euros, or $4.5 billion, according to estimates following the announcement. While the exact price was not disclosed, German reports suggest it is around 250 million euros ($281 million). The valuation range is wide, from 3.75 billion euros based on a simple calculation of the reported sum, to 5 billion euros from earlier reports.

Initially, a 5% stake was to be sold, but due to a capital increase and new share issuance, Viessmann will ultimately hold about 6.7% of the company. The FC Bayern München eV association, owned by club members, will retain its majority 70% ownership, the minimum stipulated by the club's bylaws. Existing shareholders Adidas, Audi, and Allianz, each holding 8.33%, will see their stakes diluted to approximately 7.8% each. This structure ensures that funds go directly into the company's coffers while the members' association maintains full control over substantive decisions.

The proceeds from the sale are earmarked for infrastructure projects aimed at strengthening the club long-term, outside the transfer market. Focus areas include sustainability, international expansion, and digitalization. Club President Herbert Hainer stated that a stronger equity base provides Bayern with greater flexibility for the future. Max Viessmann, 37, CEO of the Viessmann family group since 2017, will join the company's supervisory board, increasing its membership from nine to ten.

Viessmann has been a business partner of the club since 2018. The family company has undergone significant structural changes, including the sale of its climate solutions division to Carrier Global for approximately 12 billion euros ($13.5 billion) in 2024. Currently, the Viessmann Group operates in over 40 countries, employs around 6,000 people in its core industrial business, and generates annual revenues of about 2 billion euros. It also invests in growth companies, such as German space firm Isar Aerospace.

The deal highlights the Bavarian club's valuation growth. In 2014, Allianz acquired an 8.33% stake for 110 million euros, valuing the club at about 1.3 billion euros. The current valuation represents nearly a threefold increase in 12 years. For the 2024/25 fiscal year, Bayern Munich reported revenues of 978.3 million euros ($1.1 billion) and a net profit of 27.1 million euros. However, Bayern's valuation remains considerably lower than leading American sports franchises, which are sold for over $10 billion. The article also notes the ongoing discussion in Israel about football club valuations, citing Yaakov Shahar's asking price of $100 million for Maccabi Haifa.

With this transaction, Bayern reaches the limit set by its bylaws. Any further share sales would require amending the bylaws, a move needing a three-quarters majority of the association members. This preserves the club's unique structure, where fans hold the absolute majority, and major corporate partners hold minority stakes and serve as key sponsors.