MUNICH, May 18 (WMN staff) - BMW will not become sponsor of German soccer club Bayern München, the FAZ reports. The paper quotes a BMW spokesman: "We've ended the talks and won't become a sponsor of FC Bayern".
The end comes as a surprise. Both sides had already signed a letter of intent. Bavaria President Uli Hoeneß (67) said in March that there was an agreement between his club and BMW "both in basketball and football".
Audi is currently sponsoring Bavaria. The contract runs until 2025. BMW originally wanted to join earlier, but Audi rejected it. BMW had offered 800 million Euro for ten years for the sponsoring starting from 2025 at the latest. Since Audi also owns 8.33 percent of the shares in FC Bayern München AG, BMW would have had to buy this Audi (for around 200 million euros). However, Audi was not prepared to negotiate in this respect.