GERMANY: Audi buys stake in Bavarian football club
Audi has bought a 9.09% stake in the Bayern Munich football club in a deal worth EUR90m (US$135.8m), the club announced.
Audi, with headquarters in the Bavarian town of Ingolstadt north of Munich, has been a partner of the Bundesliga club since 2002 as exclusive car sponsor, Reuters noted.
"With the direct financial participation in the club, the two successful premium brands move even closer," said Audi board chairman Rupert Stadler.
"But apart from the financial engagement there are plans in progress to strengthen the global presence of both brands in the form of grassroots development in globally organised soccer schools," he said in a statement.