STUTTGART/BONN (dpa-AFX) - Porsche AG 's investment in Bundesliga soccer club VfB Stuttgart is complete. In a first step, the Volkswagen subsidiary has acquired 5.49 percent of the shares in VfB Stuttgart 1893 AG, the Swabian club announced on Friday. The second tranche of 5.20 percent is planned for June 2024. Official details of the sum were not given, but reports suggest that VfB will receive a total of around 40 million euros from the sale of the shares.

This was preceded by a lengthy review process. "Due to the corporate links between Porsche AG and Volkswagen AG as well as other shareholdings of the Volkswagen Group in soccer clubs", questions had arisen under association law, the German Football League announced. "As a result, the DFL Executive Committee considers the planned investment of Porsche AG in VfB Stuttgart 1893 AG up to a level of 10.41 percent to be compatible with the statutes."

Porsche's involvement also includes two seats on the supervisory board of the AG, VfB announced. "We would like to warmly welcome Porsche to our VfB family and are very much looking forward to working together," said Claus Vogt, President and Chairman of the Supervisory Board of VfB. Other partners are Mercedes-Benz and Jako. CEO Alexander Wehrle commented: "The Württemberg global brand alliance is now also formally complete."/mj/DP/men