Posted: Tue February 11, 2014 3:52PM; Updated: Tue February 11, 2014 3:52PM

Allianz acquires 110 million euro stake in Bayern Munich

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Allianz Arena
Allianz, which owns the naming rights to Bayern Munich's home stadium, has purchased a 110 million euro stake in the club.
Matthias Schrader/AP

MUNICH (AP) - Bayern Munich says the insurance giant Allianz has acquired a stake in the Bundesliga club, becoming the third strategic partner of the Champions League winner after sporting goods maker Adidas and car manufacturer Audi.

Bayern will receive 110 million euros ($150.44 million) for the 8.33-percent stake.

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Bayern Munich president Uli Hoeness calls the deal ''a big day'' for the club. As a result of the capital increase, the three partners will each hold an 8.33-percent stake, with the remaining 75 percent being owned by its members.

Hoeness says the club plans to pay off its debt on the Allianz Arena and invest in youth and junior training facilities from the deal.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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