Time to abandon the Sonderweg says Leverkusen chief

It is a general characteristic of public policy debate in Britain to see Germany as an example from which lessons can be drawn. This is understandable given the success of the German economy and the way in which, for example, developed systems of training that have produced high levels of skill. Modell Deutschland had to deal with the challenges of unification, Europeanisation and the Eurozone crisis, unprecedented levels of immigration by refugees, globalisation and the rise of far right parties and at times it has looked fragile. Nevertheless, it has largely survived and Germany was widely praised for its response to Covid-19 while the German economy and German soccer made a relatively rapid recovery which has now subsided whilst the traffic light coalition government is seen as divided and weak.

Replicating the 50+1 rule in England (confining outside investors to a minority stake in most clubs) attracts considerable support, but its translation to a different environment is not the straightforward, readily applicable solution presented by its advocates. (For an extended discussion, see my book Political Football).

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 told the Financial Times 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 Imposing something like this via regulation is no longer valid,” Carro told the Pink ‘Un.. “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

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.

It's no deal say Spurs insiders over Taiwanese takeover

Senior figures at Tottenham Hotspur insisted on Friday that they had not been informed of any deal to sell Daniel Levy’s stake in the club. A business group, Eight Sports Capital — which is said to include a billionaire Taiwanese financier — claimed that it had an agreement in place to buy a 24.99 per cent stake in ENIC, the club’s majority owners, from Levy, who owns 29.88 per cent. The Times has been told Ng Wing Fai and Brooklyn Earick form part of the group, having both been linked previously to potential takeovers of the Premier League club. The Taiwanese businessman, Richard Tsai, is also said to be part of the consortium. He is reportedly worth £7 billion. Last year Earick, the former DJ and tech entrepreneur, was part of an attempted £4.5 billion takeover, which was “unequivocally rejected” by Spurs. An ENIC spokesperson said: “We can confirm that neither ENIC nor THFC are aware of any sale by Daniel Levy’s Family Trust of its minority stake in ENIC, THFC’...

Spurs CEO attacks luxury training base

The Tottenham Hotspur chief executive Vinai Venkatesham has issued a withering assessment of the way the club was run under Daniel Levy, likening the state-of-the-art training centre to a five-star hotel rather than a centre of high performance. Venkatesham was appointed to his role in April 2025, having stepped down as chief executive at Arsenal the previous summer. However, he has said that some aspects of the club were “in a significantly worse state” than he expected. “Our training centre is amazing, one of the best, if not the best in the world,” Venkatesham told BBC Sport. “But when you look around, it looks more like a five-star hotel than it does a performance environment. That will change over the summer. I think there are many areas where the club hasn’t got the right level of expertise.” He explained that the football side of operations was the club’s main downfall when he arrived last year. [One Spurs fan wryly observed that it was like a water company sayi...

Fulham requires big funding from owner

After lengthy delays, Fulham’s shiny, new Riverside Stand has finally opened, creating “a unique Thameside destination with first class facilities for supporters and partners on match days, as well as for the wider community year-round”. This ambitious project has increased Craven Cottage’s capacity by around 4,000 to 29,600, while it has also taken advantage of the club’s fantastic location and wealthy catchment area by including two Michelin star restaurants, a rooftop swimming pool, corporate hospitality and event space, all benefiting from views of the Thames. Chief executive Alistair Mackintosh observed, “Fulham is the sort of club that can have a business class or first class and have fans that turn left on a plane.” Indeed, there is also an exclusive members club – with a football season ticket as an optional extra. It’s fair to say that “the times they are a-changing”, as this is a long way from the traditional pie and a pint. However, in a world where clubs face the tw...

The Political Economy of Football V2

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