Liverpool’s €150 million play for Florian Wirtz shows Bundesliga limits

Florian Wirtz of Bayer Leverkusen is set to choose Liverpool over Bayern Munich this summer. PHOTO: EPA-EFE

UPDATED May 25, 2025, 11:10 AM

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LONDON – Liverpool’s potential signing of German star Florian Wirtz for a purported €150 million (S$219 million) would not only leave Bayern Munich in the lurch, it is also likely to rekindle debate about the Bundesliga’s ability to compete with Europe’s more lucrative leagues for talent.

The 22-year-old attacking midfielder, who was widely expected to join Bayern next season, has signaled his preference to move to Anfield after talks with both clubs, Bild newspaper reported on May 24.

Signing for Liverpool would reunite the German international with Bayer Leverkusen teammate Jeremie Frimpong, who is also reported to be close to joining the Reds. The tug-of-war shows the boundaries the Bundesliga faces on the transfer market when up against England’s Premier League.

Track record

Bayern have a long track record of luring Germany’s best players with salaries domestic rivals cannot afford.

But the superior financial firepower of Liverpool and other Premier League clubs has made it increasingly difficult for them and other German sides to attract and retain top stars.

One limiting factor is the so-called 50+1 rule, which stipulates that a club’s members must hold at least 50 per cent plus one of the voting rights in the unit that operates the professional football team. This ensures that fans and other club members keep control and influence from external investors is limited.

It also helps keep ticket prices in Germany relatively low and fill the country’s stadiums, which have some of the highest attendance rates in the world.

“In order for the league to stay competitive, it is either necessary to reform 50+1 rule or find a way to grant more money from the league to the clubs,” said Daniel Erd, a counsel at law firm Watson Farley & Williams LLP.

“Both ways require a reform.”

Eintracht

German clubs with large fanbases, like Eintracht Frankfurt or Werder Bremen, have managed to overcome some of the hurdles by raising funds with the help of local investors who want to support the teams but do not seek to weigh in on the clubs’ management.

Hamburg’s St. Pauli raised almost €30 million from their fans between November 2024 and March 2025, one of the first such cooperatives formed to purchase a majority stake in a club.

Still, German clubs have struggled to tap new sources of financing beyond ticket prices, broadcasting rights and sponsoring deals. FC Augsburg and Hertha BSC Berlin have both unsuccessfully tried to onboard new investors.

While the 50+1 rule has proven to be one of the most contentious sticking points for fan groups and large sections of Germany’s football establishment, who fiercely oppose ceding control to foreign investors more focused on the sports’ business prospects than football nostalgia, the legal conditions for investors might change.

Germany’s cartel office is examining whether the 50+1 rule is compatible with German and European competition laws. And, in some recent decisions, the European Court of Justice also flagged potential concerns, according to Ingo Strauss, a partner at law firm Latham & Watkins.

Rerun

That may lead to a rerun of last year’s controversy, when a third attempt to get private equity investors on board at an investment vehicle that sells broadcasting rights failed.

The negotiations had sparked far-reaching opposition from some clubs and fan groups and in the end the league’s umbrella organisation, the Deutsche Fussball Liga (DFL), agreed on a slightly improved broadcasting deal that also bought it some time to come up with a new strategy to boost revenue.

The DFL and club officials recently resumed talks over bolstering the Bundesliga’s appeal and possible options to reform the 50+1 rule to make it easier for clubs to attract investors.

One key element of the deliberations is a 108-page analysis, seen by Bloomberg News, that shows just how much German football lacks revenue generated outside its domestic market compared to the Premier League.

The debate over how to raise more money and compete in the rapidly changing sports business will continue, unless something changes drastically. 

“The problem is 50+1, but I fear that you cannot get a majority for the idea of changing it,” said Martin Kind, a former chairman of Hannover 96.

“The only way is for the lawyers to challenge it.” BLOOMBERG

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