Hopp takes majority stake in Bundesliga club Hoffenheim
FRANKFURT, Germany (AP) — Software billionaire Dietmar Hopp has taken a majority stake in his hometown club Hoffenheim, becoming the first private owner of a Bundesliga side.
A co-founder of the SAP software giant, Hopp has been financing the club for about 25 years, spending an estimated 350 million euros ($395 million) to see the side progress from minor leagues to the Bundesliga.
The club says a general assembly of Hoffenheim members unanimously approved the move.
Hopp took advantage of a recent league decision to allow private investors with more than 20 years of uninterrupted and significant financial support for a club to own a majority stake.
Normally, no outside investors can own more than 49 percent of a club, although exceptions have been made for some corporate sponsors.