Fans have prevailed over finance in the Bundesliga—which should lead to a rethink of private equity’s role in society. FC Freiburg fans protesting at their first home game of the year against the DFL plan for private-equity investment in the Bundesliga and in defence of the ’50+1′ club ownership rule (nurderscf.de) Energiewende has become a German word, like Schadenfreude, used the world over. Maybe Verein (association) is another word which those interested in democracy, football or finance—or all of these—should learn across Europe. For the Verein model of German football, even if still under threat, has just shown its power once more. The German football league, DFL, tried last year t
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