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German football should ditch its ownership rules and allow investors to buy majority stakes in clubs to make the game more exciting and build an international following, says the chief executive of current league leaders Bayer Leverkusen.
The so-called 50+1 rule limits the involvement of outside investors in German football by ensuring that club members retain control of their teams. Leverkusen, which is owned by chemicals company Bayer, is one of a handful of exceptions.
Speaking ahead of a crucial clash on Saturday against second-placed Bayern Munich, Fernando Carro said that German teams should be allowed to bring in new shareholders to make the league less predictable and more entertaining for viewers.
Other countries, such as England, France and Italy, have welcomed international capital into domestic football — from US billionaires and private equity firms to Gulf sovereign wealth funds.
“The 50+1 rule nowadays does not make sense. We’re competing internationally — we’re not in an isolated world. Imposing something like this via regulation is no longer valid,” said Carro. “If 50+1 wasn’t there, owners could put money into other clubs.”
German football supporters, in particular the clubs’ core fan base known as the fanatic ultras, vehemently oppose opening the league to outside investors keen to acquire majority stakes in clubs.
Carro dismisses their argument that it would be the end of traditional football. “I like tradition,” he said, stressing it was possible to protect Germany’s football heritage while modernising the game.
Leverkusen have been on a remarkable run this season under their young coach Xabi Alonso, and remain unbeaten in 30 matches. On Tuesday, the team reached the semi-finals of the German cup, and topped their group in the first round of the Europa League, leaving them on track for a possible treble this season.
Bayern Munich head into Saturday’s match two points behind Leverkusen. The Bavarian club are the reigning German champions — last season’s victory extended their run to 11 consecutive titles.
Based in a city on the outskirts of Cologne, Leverkusen is small compared with the top German teams, with a home stadium which holds just over 30,000 fans, less than half that of Bayern Munich and Borussia Dortmund. Deloitte ranks Bayern Munich as the club with the sixth highest revenue in football, while Leverkusen does not feature in the top 30.
The lack of jeopardy has hampered the international appeal of German football, affecting the league’s revenues.
The Bundesliga currently earns around €200mn annually from its overseas rights, compared with €2bn for the Premier League and €900mn for Spain’s La Liga. Domestic rights for the Bundesliga are currently out to tender, although recent deals elsewhere in Europe point to a softening market for live football.
“For German football, it is very important to have other winners of the league because definitely there’s a big impact on how attractive it is to watch,” said Carro, Leverkusen chief executive since 2018.
The DFL, which operates the Bundesliga, is in the midst of talks with private equity firms CVC Capital Partners and Blackstone over a potential €1bn investment in the league’s commercial operations. However, Carro believes changes to ownership rules would be far more effective in improving the prospects of German football.
“If you want to have more clubs trying to be at the level of Bayern Munich, getting rid of 50+1 would have much more impact,” said Carro.
Owing to the team’s recent success, Carro said that the club has been forced to introduce a season ticket waiting list for the first time, and has been overwhelmed with demand for sponsorship and corporate hospitality.
Data consultancy Twenty First Group estimates that Leverkusen currently have a 42 per cent chance of winning the league this year, although that would jump to 64 per cent with victory over Bayern on Saturday. Last season, Bayern snatched the league title from rival Borussia Dortmund when it won its last game by scoring a decisive goal in the 89th minute.
The last time Leverkusen came close to winning three trophies was in 2002, when it notoriously squandered the opportunity to win the Bundesliga, the Champions League and the German cup final, ending up second in all three competitions.
Alonso has been linked with a move to Premier League leaders Liverpool, where he was previously a player. The team’s current head coach, German Jurgen Klopp, recently announced his intention to step down at the end of the season following nine years in charge.
Carro said that he was “not at all worried” about Alonso’s future plans. “He is extremely happy here. We have a long-term contract, and we assume he’ll stay for a long time.”
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