Germany's DFL soccer clubs veto bid to allow outside investors

MUNICH :Clubs in the German DFL soccer league failed to reach a two-thirds majority in a vote to allow outside investors to buy its media rights, DFL supervisory board chairman Hans-Joachim Watzke told reporters on Wednesday.

There were 20 yes votes, 11 no votes and five abstentions in a secret ballot at a meeting of 36 professional soccer clubs in Frankfurt.

The DFL had hoped to receive around 2 billion euros ($2.20 billion) in return for a 12.5 per cent share of the proceeds from the media marketing of the Bundesliga for at least 20 years.

Investors Advent, CVC and Blackstone had been in the running to acquire a stake, according to sources.

"That's the end of the topic as of today. That's democracy," said Watzke, who is also the head of Borussia Dortmund.

National soccer leagues in Europe are increasingly eyeing external funding through broadcasting arrangements as they look at ways to boost revenues and increase their global reach.

Critics, however, see it as another step towards the sport becoming too heavily commercialized.

The Bundesliga is ranked as Europe's second-biggest soccer league by revenue after England's Premier League.

DFL began informally sounding out bidders last year, but delays in gaining consensus among German clubs resulted in the resignation of its former chief executive Donata Hopfen.

($1 = 0.9084 euros)