Two years ago German football turned its back on private equity – now a deal must be struck

DFL hopes to sign a deal with a private-equity fund within the next five months, which will provide liquidity in exchange for a 10 to 15 per cent stake in the holding company that controls the media rights and global commercial rights to German football.

It’s definitely not an easy task to close a deal before the summer. But on top of this the 36 clubs need to agree how the revenues will be shared. "Those discussions have been put on hold, not to disturb the sales process,” a well-informed source says.

Why it matters: After seeing LaLiga and Ligue1 sign future broadcasting revenue-sharing deals with CVC, the DFL felt it had to do something to avoid falling behind. But it remains unclear exactly how the fresh liquidity is to help German football grow.

The perspective: German football’s big clubs were very reluctant to do a deal with a private-equity fund two years ago. Now German clubs seem more united in the hunt for fresh liquidity – but how do you take the lead if you arrive a few years late.