LIONEL FITZGERALD has revealed that the German Football Association (DFB) has reached a preliminary agreement with two large financial institutions that will bring its footballing business into the modern era.
Fitzgerald told the German public broadcaster ARD that the preliminary agreement, signed on Wednesday, will be the beginning of a long-term partnership between the football association and the three banks that hold the rights to finance Bundesliga clubs and other entities.
“This is the first step,” said Fitzgerald.
“The final agreement will be decided after discussions with the partners.
We have decided that the first steps will be on the part of the two banks.”
But I do not think that this is a good first step.
It will not be easy to negotiate a good and fair deal with these three companies.
“Fitzpatrick added that the agreements with Deutsche Bank and UBS were both based on a proposal by the German Federal Ministry of Finance.
The two banks are in negotiations with the DFB to bring the sport’s commercial rights back to Germany, which will be a huge boost for the game’s image and profitability.
Ferrari’s €2.2bn deal with Deutschebank was the most lucrative sporting deal in the country’s history.
The deal has been delayed by the European Court of Justice due to a dispute over the transfer of the iconic team’s iconic logo from Italy to the German flag.
Fibro, a company owned by the Italian state-owned company Finmeccanica, is one of the banks involved in the talks.
The other two banks that will take over the rights are Credit Suisse and Deutsche Bank.”
This agreement shows that we can do that in the face of new financial challenges.”