German clubs vote to keep investors from taking control

BERLIN, Nov 10 (Reuters) - German first and second division clubs on Tuesday voted overwhelmingly in favour of keeping a rule that stops investors acquiring majority control.

The president of Bundesliga club Hanover 96, Martin Kind, had fielded a proposal to relax the 50+1 rule, claiming that would make German soccer more attractive to investors who are wary of pumping in money without having control of a club.

Kind, who said teams the size of Hanover were being prevented from becoming more competitive, had threatened to take his case to the German and European courts saying the current rule was breaking EU competition laws

“The result could not be clearer,” German League chief Reinhard Rauball said on Tuesday.

“The Bundesliga remains true to those elements that have contributed to the German soccer success in past decades — stability, continuity and proximity to the fans,” he said, urging Kind to accept the vote’s outcome.

“Because of the clarity of this vote it is now necessary to accept it in the spirit of solidarity,” he said.

Clubs, opposing Hanover’s proposal, have argued that relinquishing control to investors would put fan loyalty at stake and dilute brand value.

Of the 36 first and second division clubs, 32 voted in favour of maintaining the 50+1 rule, three abstained and only one club voted against it.

Kind did not rule out taking the matter to the courts. “We will calmly discuss whether to pursue this option,” he told reporters. (Writing by Karolos Grohmann; editing by Ken Ferris

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