Max Viessmann Buys 6.7% of Bayern Munich for €250M

TL;DR: Viessmann Generations Group, the Munich-based Viessmann family investment company, is buying just under 6.7% of FC Bayern München AG for a reported €250 million. That implies a record valuation of roughly €3.7 billion for a German club. The deal fills the last outside-investor slot the club's statutes allow.

The club offered a 5% block, according to Yahoo Sports, citing the dpa news agency. Because the shares come through a capital increase, the stake ends up at just under 6.7%. The price is a press report rather than a figure in the club's own statement. COPE reports that the German daily Bild put the deal at €250 million.

Who is Viessmann Generations Group, and what does it get?

Billionaires.Africa describes it as the Munich-based family investment company Max Viessmann runs. Yahoo Sports says the family-owned company operates in more than 40 countries and specializes in heating technology and power grid infrastructure.

The buyer is no stranger to the club. Yahoo Sports reports that Viessmann has been a Bayern partner since 2018, and that Max Viessmann is to join Bayern's supervisory board as its tenth member. Think of that seat as a chair at the table where the club's executives answer to outsiders: it gives a voice, not a veto. Club president Herbert Hainer said, per the same report, that the step "strengthens the ownership structure of FC Bayern München AG" and gives the club "greater flexibility in a time of constant change."

How does the ownership split look after the deal?

The members' association keeps control, and the outside slots are now full. According to CEOWORLD Magazine, FC Bayern München eV falls from 75% to 70%, the minimum its statutes permit. Adidas, Allianz and Audi are each diluted from 8.33% to just under 7.8%. Viessmann holds just under 6.7%.

Why does the buyer end up with more than the 5% offered? New shares are being created, so the whole pie gets bigger. Every existing slice shrinks a little, and the new slice is measured against the enlarged total.

Yahoo Sports puts the rule plainly: the parent club must hold 70% of the shares, and the remaining 30% can be split among four shareholders. Viessmann's block is the fourth and final one. Billionaires.Africa adds that a 2021 proposal to lock the club's holding at 75% failed to win a majority at the annual meeting. That left Bayern free to sell the remaining shares without a member vote.

What valuation does the price imply?

CEOWORLD calculates an implied post-money valuation of roughly €3.7 billion, a record for a German club. It also says that implied valuation is about 3.8 times Bayern's record €978 million in revenue for the 2024-25 season. Billionaires.Africa reports the same revenue figure.

The earlier investors show how far the price has moved. COPE lists what each paid when it came in.

Outside investor	Year	Amount paid
Adidas	2002	€77 million
Audi	2010	€90 million
Allianz	2014	€110 million (for 8.33%)
Viessmann Generations Group	2026	About €250 million (reported, just under 6.7%)

The jump is larger than it looks. The 2026 buyer gets a smaller slice for more money. CEOWORLD notes that Allianz's 2014 purchase implied a valuation of about €1.3 billion, so the new figure is roughly 2.8 times that level.

What does this mean for an accredited investor?

You cannot buy this stake, and neither can anyone else. The four slots are taken, and the club's statutes keep the rest with its members. Start with the downside, because that is where this structure bites.

None of the reports say how this block could be sold on. A stake inside a capped structure, with a fixed number of permitted holders, has a thin pool of possible buyers. Illiquidity is a cost, and a buyer pays it whether or not the price shows it. If you are ever offered exposure to a sports stake through a fund, you would likely be buying through a special-purpose vehicle, and our guide to SPVs and single-deal structures covers the fee layers that sit between you and the asset. Whether you could be offered such a vehicle at all depends on your status, which is why the accredited investor versus qualified purchaser distinction matters here: a vehicle can set its own eligibility bar above the accredited line.

The second cost is control. A minority holder here owns economics but not the club. The members' association cannot fall below 70%, so no outside investor, however large, can change who runs it. Ask what rights sit at the bottom of any feeder chain before you ask about the return.

The third is the price itself. Revenue of €978 million is a trailing figure, so a 3.8 times multiple is a bet on future growth and on scarcity, since this block will not be offered again soon. For a sports-adjacent example of how a private vehicle gets structured, see how Bain Capital structured a $250 million loan to Playfly.

Common mistakes when reading a stake-sale headline

The first mistake is treating a reported price as a confirmed one. Here the €250 million comes from press reports, so the valuation built on it carries the same caveat. People also compare the stake to the headline percentage: the club offered 5%, but the capital increase means the buyer ends up with just under 6.7% and the existing holders shrink.

A famous name is the third trap, because it feels like liquidity and isn't. Read the shareholder terms before you read the brand.

FAQ

How much is Viessmann paying for Bayern Munich shares? Press reports put it at about €250 million ($281 million). The club's statement, as quoted by COPE, describes the stake and the capital increase but not a price. COPE attributes the €250 million figure to the German daily Bild.

What percentage of Bayern Munich does Viessmann get? Just under 6.7% of FC Bayern München AG. The club offered a 5% block, and the capital increase raises the buyer's final share. Adidas, Allianz and Audi are each diluted to just under 7.8%.

Who controls Bayern Munich after the sale? The members' association, FC Bayern München eV, keeps 70%, the minimum its statutes allow. Outside investors together hold the 30% maximum, so none of them can take control.

Can individual investors buy a stake in Bayern Munich? Not through this sale. Viessmann's block is the fourth and final one permitted under the club's regulations, so no further outside slots exist. Exposure would have to come through a vehicle that holds one of the existing stakes.

What to do next

Before you consider any sports-team stake, get the governing statutes or shareholder agreement and read the cap on outside ownership first. If you want this kind of deal broken down for investors as it happens, subscribe to the free AIN briefing.

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