Bundesliga considers a loan of at least one billion euros, with future television rights revenue serving as collateral
Germany's Bundesliga is considering a financial offer from the American investment group Apollo Sports Capital that could provide the league with at least one billion euros in fresh capital. This is not a sale of an ownership stake, but a long-term borrowing model at the league association level, under which future revenue from domestic media rights would serve as collateral for repayment. The German Football League confirmed on 27 July 2026 that it had received an unsolicited proposal for debt financing, but it did not officially disclose the amount, interest rate or final terms. According to information first reported by German media, the offer would be worth at least one billion euros, the repayment period would be approximately 20 years, and the interest rate would be around 5.5 percent per year. At this stage, no decision has been made on accepting the loan, nor has it been confirmed that formal negotiations on concluding an agreement have begun.
The DFL announced that, after receiving the offer and in consultation with its governing bodies, it had initiated a general and preliminary review of the financial structure and its legal feasibility. According to the league's explanation, this analysis is only intended to create a basis on which the competent bodies might seriously assess the proposal at a later stage. In doing so, the management sought to emphasise the distinction between a technical examination of the offer and a political decision by the 36 clubs of the Bundesliga and 2. Bundesliga on a major new financial arrangement. The question of who can approve the borrowing, under what conditions and with what protection for future revenue will be one of the central issues in the legal review. It is currently unknown whether a final transaction would require a special majority of clubs, amendments to internal rules or additional approval from certain league bodies.
An informal meeting in New York preceded the offer
The Bundesliga also confirmed that representatives of Apollo Sports Capital, league bodies and individual Bundesliga clubs met in New York in June 2026. According to a statement reported through the German news agency dpa, the meeting was organised at Apollo's invitation and took the form of an informal discussion. It was not disclosed which clubs participated, who represented the DFL or whether detailed contractual terms were considered at the meeting. The available information indicates that the American side presented the framework of a long-term loan model, after which the offer was submitted to the league without a prior public tender or an official request from the DFL. For that reason, the clubs are likely to seek clarification regarding the process, criteria and possible alternative sources of financing before making any decision.
Apollo Sports Capital is a specialised investment platform affiliated with Apollo Global Management, one of the world's largest alternative asset management companies. When launching the sports platform in September 2025, Apollo stated that funds under its management had by then invested approximately 17 billion US dollars in the broader sports and entertainment sector, including media rights, stadium financing, leagues and sports companies. The company presents itself as a provider of flexible credit, hybrid and equity solutions, while its more recent transactions include investments in European football clubs and international sporting events. Such experience explains why television rights revenue is at the centre of the proposal to the Bundesliga: it is a relatively predictable, contractually secured cash flow that financial institutions can use as the basis for a long-term loan.
Television rights are worth more than one billion euros per season
The importance of the proposed collateral can be seen from the latest domestic media rights cycle. According to official DFL figures, the clubs of the Bundesliga and 2. Bundesliga can expect a total of 4.484 billion euros for the period from the 2025/26 season to 2028/29, or 1.121 billion euros per season. This is around two percent more than in the previous four-year cycle, and the DFL states that Germany's professional competition thereby retains the second most valuable domestic media rights agreement among football leagues. Sky secured broadcasts of individual matches on Fridays and Saturdays, as well as all 2. Bundesliga matches, while DAZN broadcasts the Saturday conference and individual Sunday matches. Some highlights and matches on free-to-air channels were awarded to the public broadcasters ARD and ZDF and the commercial broadcaster Sat.1.
A loan of one billion euros would therefore approximately correspond to one year's domestic media revenue for the entire system, but it would be repaid over a period covering several future tender cycles. This is the key difference between currently known revenue and the long-term obligation: the contracts from 2025 to 2029 provide visibility only for the first years of a possible 20-year financing arrangement. After 2029, the value of the rights will depend on the state of the media market, the interest of television and streaming platforms, audience habits, the league's sporting reputation and general economic conditions. If part of future revenue were earmarked in advance for loan repayment, clubs could have less money available for regular distribution during periods of weaker growth. On the other hand, a large amount made available at once could accelerate investments that the league would otherwise have to spread over several years without external financing.
According to media reports cited by Kicker, an interest rate of approximately 5.5 percent has been mentioned. On a principal amount of one billion euros, such a nominal rate would mean around 55 million euros in interest in one year if the full amount remained outstanding. The actual total cost cannot be calculated reliably without a repayment schedule, information on a possible grace period, fees, the method of calculating interest and any early repayment terms. It is also unknown whether the interest rate would be fixed for all 20 years or could change, or whether Apollo would seek additional contractual rights in the event of a default. This is precisely why the size of the loan alone does not provide enough information to determine whether the offer is favourable; the decisive factors will be the cost of capital, the restrictions imposed on the DFL and the risks that the clubs would assume over the long term.
A loan is not the same as selling a stake, but it also ties up future revenue
The new proposal differs significantly from the strategic investor model that caused a deep crisis in German football during 2023 and early 2024. At the time, the DFL was seeking a partner that would pay the league around one billion euros in advance in exchange for a long-term share of revenue from commercial and media rights. In December 2023, exactly 24 of the 36 clubs supported the mandate to continue the process, thereby reaching the required two-thirds majority. Following months of fan protests, disputes over the credibility of the vote and increasingly pronounced divisions among the clubs, the DFL Executive Committee unanimously terminated the process in February 2024. The official explanation stated that, given the circumstances within the association, the sustainability of a successful conclusion of the agreement could no longer be ensured.
Under the loan model, Apollo would not automatically receive an ownership stake in the league or in a separate marketing company. The DFL would receive money that it would have to repay with interest, while Apollo would be a creditor rather than a co-owner of the future business. Nevertheless, the economic impact would still be linked to television rights revenue because it would serve as security and a source of repayment. This means that the debate will not be limited to the formal question of ownership, but will also cover how much future money can be reserved for the creditor, what happens if revenue declines and how much freedom the DFL retains in future tender processes. For clubs and fan organisations, it will be particularly important to determine whether there are clauses that would give the financier indirect influence over commercial decisions, revenue distribution or the league's business strategy.
Reports to date have not stated what the Bundesliga would use the one billion euros for. Previous plans involving an external investor were linked to digitalisation, international marketing, the development of the league's own media capabilities and the strengthening of shared infrastructure. However, it has not been officially confirmed that the current loan would have the same purposes or how the money would be distributed between joint projects and individual clubs. Any possible model would have to clearly distinguish investments that create long-term value from the short-term financing of current expenses. Borrowing for 20 years makes greater economic sense if it finances infrastructure, technology and products that can increase future revenue, whereas spending on wages, transfers or temporary budget deficits would leave the debt without corresponding lasting assets.
The league's financial results do not indicate an urgent crisis
The latest official economic data show that German professional football is not facing an immediate liquidity crisis that would in itself require urgent borrowing. According to the DFL's economic report for the 2024/25 season, the 36 clubs of the Bundesliga and 2. Bundesliga generated combined revenue exceeding six billion euros for the first time. Total revenue reached 6.33 billion euros, 7.9 percent more than one season earlier, while total profit after expenses amounted to around 271.5 million euros. First-division clubs generated approximately 81 percent of total revenue, and the Bundesliga recorded the highest total profit in its history, around 242.1 million euros. These figures do not eliminate the significant differences between clubs, but they show that a possible deal with Apollo would be a strategic choice regarding the financing of development rather than an obvious rescue measure for the entire system.
The centralised sale of television rights nevertheless remains one of the foundations of the business model. The DFL organises and commercialises the rights to the Bundesliga, 2. Bundesliga, the Supercup and the relegation or promotion play-offs, and then distributes the revenue to the clubs according to a predetermined formula. Consequently, pledging or contractually redirecting future revenue would have consequences for all members of the association, not only for the largest and most internationally recognised clubs. Smaller clubs rely more heavily on centrally distributed funds and could react more sensitively to any long-term reduction in annual payments. At the same time, joint investments in international distribution, data products and digital services could increase the value of the league as a whole, provided that the expected additional revenue exceeds the cost of the loan.
The key issues will be price, control and the distribution of risk
Before any vote, the DFL will have to answer a series of questions that currently remain open. The clubs will demand a precise plan for the use of the funds, return projections, a repayment schedule and an independent comparison with other sources of financing. It will also be important to determine whether Apollo's offer is exclusive, whether the league would conduct a competitive process and whether banks, the bond market or other institutional investors could offer more favourable terms. The legal analysis will have to establish how the collateral over media revenue fits with existing contracts and future tenders, as well as what rights the creditor would have in the event of delays or declining revenue. Without these details, it is impossible to assess whether one billion euros would represent development capital or an expensive obligation transferred to future generations of clubs and executives.
The political aspect will be just as important as the financial one. Trust between some fans, clubs and the DFL leadership was seriously damaged during the previous attempt to bring in private capital, when matches were interrupted by tennis balls, chocolate coins and other objects being thrown onto the pitch. The new model formally avoids the sale of a stake, but the long-term tying up of television revenue could raise similar questions about commercialisation, transparency and the clubs' right to manage their shared assets. The DFL will therefore find it difficult to limit the process to closed negotiations between financial and legal experts. A sustainable agreement will require clear terms, a public explanation of the benefits and risks, and a convincing answer to the question of why a 20-year loan is better than gradual financing from existing revenue.
For now, only the initial review has been confirmed. The DFL has not announced a deadline for completing the analysis, and Apollo Sports Capital has not publicly presented the details of the offer. It has also not been officially confirmed whether the amount will remain at a minimum of one billion euros, whether a smaller or larger credit facility will be discussed, or what proportion of domestic media revenue would be covered by the security. The next step will depend on the results of the financial and legal assessment and on the willingness of the league bodies to refer the proposal to the clubs for consideration. Until these elements are disclosed, the offer remains a major but still preliminary possibility that could change the way the Bundesliga finances its development over the next two decades.
Sources:
- Deutsche Presse-Agentur / Yahoo Sports – DFL confirmation of the unsolicited offer, collateral in the form of domestic media rights and the initial review of the model (link)
- Kicker – reports on the amount, the 20-year term and an interest rate of approximately 5.5 percent (link)
- DFL Deutsche Fußball Liga – official figures on the value of domestic media rights for the seasons from 2025/26 to 2028/29 (link)
- DFL Deutsche Fußball Liga – official statement on the termination of the previous strategic partnership process in February 2024 (link)
- DFL Economic Report 2024/25 – revenue, expenditure and profit of the 36 clubs of the Bundesliga and 2. Bundesliga (link)
- Apollo Global Management – information on the launch of Apollo Sports Capital and previous investments in sport, media rights and the financing of stadiums and leagues (link)