Frankfurt (Germany), May 24 (AP) German soccer clubs rejected a proposal to sell a one-eighth share of future worldwide media rights to investors in a vote Wednesday, following anger from fans.

Also Read | England Squad for Ireland Test Announced, Uncapped Josh Tongue Included.

At a meeting of the 36 clubs from the Bundesliga and the second division, 20 voted in favor of the proposal, said Hans-Joachim Watzke, chairman of the supervisory board of the German Football League, known as the DFL, which oversees the top two leagues. There were 11 clubs against and five abstained, he added.

Also Read | Malaysia Masters 2023: PV Sindhu, Kidambi Srikanth Advance to Second Round; Ashmita Chaliha, Aakarshi Kashyap Bow Out.

The plan needed 24 votes, a two-thirds majority, to allow the DFL to pursue a sales process with investors on behalf of the clubs.

There has been widespread criticism from fans, who have displayed banners for weeks at games decrying the plan to sell a 12.5% share of domestic and international TV and media rights for the top two divisions over the next 20 years.

Proponents of the deal said cash is needed now to modernize the Bundesliga's marketing and stop it falling further behind rival leagues, and to modernize clubs' infrastructure.

Opponents warned it could starve the clubs of income in the future and that any investor could demand a say in how the league is run. Clubs below the top two divisions worried it would entrench existing inequalities.

Most German teams are controlled by club members under the so-called 50%+1 rule that ensures they retain majority voting rights even if investors buy into commercial activities. That has acted as a check on billionaire owners or investors taking control, as they do in England and other leagues. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)