The list of candidates for a stake in German football’s future broadcast revenues could soon be down to just one after US financial investor Blackstone said it was considering withdrawing from the bidding process, a move which would leave CVC Capital Partners as the only remaining contender.
After Bloomberg first reported Blackstone’s concerns, a source also confirmed to DW on Tuesday that the private equity firm was indeed considering stepping away from the process which they said had “gone on for a very long time, during which parameters have moved.”
The source cited “structuring and economic factors around the deal [which] mean that it’s hard to see how we could make the setup work” as well as “destabilizing” public calls from German fan groups and some club officials for a revote on the issue, leading to “too much uncertainty about the transaction.”
The Reuters news agency also quoted sources familiar with the matter who cited threats by some club officials to prolong the process further as a reason for the withdrawal of interest, with one source saying: “It’s a messy situation.” German newspaper Die Zeit has also confirmed the reports.
After fellow private equity firms Advent and EQT were also ruled out of the process at the end of January, Luxembourg-based CVC is the only remaining bidder.
CVC already have similar investment deals with Spain’s La Liga – albeit without giants Barcelona and Real Madrid – and France’s Ligue 1, where the National Financial Prosecutor’s Office is currently investigating corruption complaints.
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What is the Bundesliga’s investment deal all about?
The private equity firms have been vying for a contract which would see them invest around €1 billion ($1.07bn) in a media rights subsidiary of the German Football League (DFL), which operates the Bundesliga, in return for an 8% share of broadcast rights revenues over the next 20 years.
The DFL was given the go-ahead to negotiate a deal after 24 of its 36 member clubs voted in favor on December 11, giving co-CEOs Marc Lenz and Steffen Merkel the necessary two-thirds majority mandate.
However, there has since been a fierce backlash from German football fans who are not only fundamentally opposed to too much external investment in the game, but who also suspect that the minimum 24-vote threshold could only be achieved by way of a secret ballot which allowed Martin Kind, chief executive of second-division side Hannover 96, to vote contrary to an explicit directive from his parent club, thus infriging the so-called 50+1 rule.
The 50+1 rule is a DFL regulation which stipulates that the parent clubs – and by extension the members, the fans – retain majority voting rights in the outsourced commercial companies which generally oversee the clubs’ professional football operations.
While advocates say the 50+1 rule helps prevent majority takeovers of German clubs by external investors and preserve supporter ownership, critics such as Kind in Hannover argue that it discourages the levels of investment required to help Bundesliga clubs challenge internationally.
For the DFL leadership, the attempt to attract external investment at league level rather than at club level is one way of trying to appease skeptical fans, but they’re not convinced.
What do the fans think?
Recent weeks have seen matches in Bundesliga 1 and Bundesliga 2 interrupted by up to half-an-hour as angry fans have thrown tennis balls, chocolate coins and other objects onto the pitch, while some fans in Hamburg even fastened bicycle locks to the goalposts. While officials deployed heavy machinery to snap the locks, a banner in the stands cheekily read: “The solution is 50+01” – the code which would apparently have opened the locks.
On Tuesday, a representative survey by FanQ and quoted by Germany’s Spiegel magazine found that 62.1% of German football fans were “stongly opposed” to the proposed investor deal, a figure rising to 72% among stadium-goers but sinking to 52% among those who generally watch games on television.
Some club officials including the president of third-place VfB Stuttgart, Claus Vogt, have called for a transparent revote. Others, such as Eintracht Frankfurt board member Axel Hellmann, have said that a revote would be legally unworkable.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
