Adidas moves from sponsor to co-owner of Bayern Munich
German sports clothing manufacturer Adidas is seeking to extend its interest in its sponsorship of Bayern Munich, finalists in the UEFA European Cup, by buying a 10% stake in the Bavarian football club.
The news follows the decision by the team's management earlier this week to turn the club into a joint stock company by the end of the year. Club vice-president Fritz Scherer said it was not considering a stock market listing but would sell a 10% stake to a strategic partner.
Team manager Uli Hoeness recently estimated the club was worth as much as Manchester United, which has a market capitalisation of £466m.
Last year, Adidas changed its sponsoring strategy to concentrate on a few high-ranking clubs. These include Real Madrid, Ajax Amsterdam and German and French national leagues.