German football league expects at least four bids in billion-euro stake sale

Investors would be expected to pay 900 million to 1 billion euros ($981 million-$1.1 billion) to the DFL over the next few years, according to a letter from it to the 36 professional clubs seen by Reuters.

The potential strategic partners being considered are Advent, Blackstone, Bridgepoint, CVC and EQT, according to the DFL letter. The DFL added that they could help strengthen its national media product and expand its digital and international business.

DFL expects preliminary bids from at least four of these investors at the beginning of December, the two sources said.

DFL, Advent, Blackstone, CVC and EQT declined to comment. Bridgepoint was not immediately available for comment.

At a general meeting on December 11th, the Bundesliga clubs are to vote so that the process can proceed. A two-thirds majority is required.

In this reverse auction process, for up to 1 billion euros the financial investors are to acquire a maximum of 8% in a newly founded marketing company for 20 years, which will hold the television, advertising and digital rights to the Bundesliga.

The process, which will be the DFL's third attempt at a rights stake stale - a previous proposal in May failed to win the clubs' backing - is about "securing the sporting and economic competitive position of the federal leagues," the letter states.

Under the new proposal, an investor should have no say in the design of the game plan or the league, and the DFL should be able to determine who leads the new marketing company.