The Canadian Press - ONLINE EDITION

Allianz acquires a stake in Bayern Munich for 110 million euros

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MUNICH - 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-per cent stake.

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-per cent stake, with the remaining 75 per cent 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.

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