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Viessmann family buys minority stake in FC Bayern München at €4 billion mark

Kalbir Talwar
Published Oct 22, 2026
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Summary:
  • Viessmann Generations Group is acquiring 5% of FC Bayern München AG, set to lift to just under 6.7% after a capital increase.
  • People familiar say the deal pegs Bayern at about €4 billion ($4.5 billion), adding a fourth outside shareholder alongside Adidas, Volkswagen and Allianz.
  • After closing, minority holders will own 30% in total, with FC Bayern München retaining 70%.

Deal details

Viessmann Generations Group GmbH & Co. KG is taking a minority position in FC Bayern München AG, becoming the club's fourth external shareholder. The stake starts at 5% and is designed to rise to just below 6.7% once new shares are issued. The parties did not disclose financial terms in a Thursday statement, and a Bayern Munich spokesperson declined to comment.

As part of the agreement, Max Viessmann will join the club's supervisory board. The Viessmann business dates to 1917, when Johann Viessmann founded it. His grandson Martin and the family are listed with a $16.1 billion fortune by the Bloomberg Billionaires Index.

How Bayern stacks up

People with knowledge of the transaction indicate it values Bayern around €4 billion, or roughly $4.5 billion. That is among the highest in world football, though it trails several giants. In August, a minority stake in Liverpool FC was sold by Fenway Sports Group to a consortium led by Amazon.com Inc. co-founder Jeff Bezos, at a $6 billion valuation. Sportico estimates put Real Madrid at $7.7 billion, with FC Barcelona and Manchester United near $6.5 billion each.

Shareholder mix and Germany's investment climate

Viessmann joins existing shareholders Adidas AG, Volkswagen AG and Allianz SE. Volkswagen holds its stake through Audi and had recently weighed a sale as part of a restructuring effort. With Viessmann on board, the four minority owners will hold 30% of shares, while FC Bayern München keeps 70%.

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The move lands as outside capital has a hard time gaining traction in German football. Blackstone Inc. and CVC Capital Partners pulled out of bids for a domestic media rights deal in 2024 after intense fan protests, and German club ownership rules still deter overseas private investment.

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