When European champions Bayern Munich signed a partnership deal with sportswear giants Adidas Salomon AG which made them the world's richest club, Bayern president Franz Beckenbauer had every reason to grin.
"Adidas is a perfect partner," beamed Beckenbauer, Germany's undisputed soccer "Kaiser" who won the World Cup as a player in 1974, as a manager in 1990 and who has masterminded Germany's successful bid to host the 2006 World Cup.
Now Beckenbauer can also call himself a cunning business manager as analysts say that lucrative sponsorship deals are the way forward for soccer clubs seeking cash as share prices take a hammering.
"Certainly within the UK it's been difficult for listed clubs and the value of being listed and the reason for being quoted are being questioned," said Vinai Bedi, an analyst at Wisespeke in London.
"Also the potential for raising money using that route has been eliminated. A lot of people are looking to the continent, looking to European clubs which seem to get more from sponsorship," Bedi said.
The idea of seeking strategic partners is catching on in the traditionally conservative Bundesliga.
Unlike British or Italian clubs, where stock market listings are common, German clubs have been slow to seek listings. Strict rules means clubs cannot exceed a certain level of debt and rigid club structures make going to market more complicated.
Soccer analysts say Bayern's decision to let Adidas have a 10-percent stake in the club is a clever one as it leaves it in private hands but gives it the cash needed to fund its ambitions.
And in a sign that the idea is catching on, Bayern's rivals Bayer Leverkusen said that they too will open up their capital to an outside investor if the price is right.
Bayern Munich have made no secret of their ambition to dominate European soccer as they did in the 1970s when they won three European Cups in a row from 1974 to 1976.
The club say that last May's victory over Valencia on penalties for the first European Cup triumph in 25 years was only the first step in a new golden age but funding this requires new sources of capital.
Soccer clubs have traditionally chosen the stock exchange route as a way of raising money to fund transfers and stadium developments.
Bayern said in July that they would complete their transformation into a joint stock company by next summer but they have shied away from pursuing a full stock listing and said they would start with the sponsorship deal.
Bayern, who have never spent more than DM20 million (US$9.37 million) on a player, have always been keen to promote an image of fiscal prudence.
The Munich club had previously hoped that a share offer would fortify their coffers and help them compete in the expensive transfer game against listed British clubs such as Manchester United Italian and Spanish clubs with wealthy backers.
The club have always said they have no interest in buying big-name players but the demands of the Champions League have put them under pressure to make big signings, with Luis Figo, David Beckham and Rivaldo among the names being mentioned.
The club also wants to build a new stadium.
"For this you need serious financial back-up and we don't have that," Beckenbauer said.
However, listings by other clubs such as Bayern's Bundesliga arch-rivals Borussia Dortmund and Italy's AS Roma have had mixed results as the shares have been buffeted by the team's performance rather than their business results.
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