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Rummenigge set to extend Bayern deal

Bayern Munich plan to extend Karl-Heinz Rummenigge's stay as CEO until 2016, according to Bild.

• Blog: Hoeness staying -- for now
• Ribery keen to extend deal

At a meeting of the club's board of directors on Monday, at which president Uli Hoeness' offer to resign was rejected, the three-year Rummenigge deal was approved, the newspaper reports. Rummenigge was present alongside sporting director Matthias Sammer, deputy executive board member Andreas Jung and chief financial officer Jan-Christian Dreesen.

Rummenigge, who played as a striker for Bayern, was sold to Inter Milan by Hoeness to pay off Bayern's debts in 1984.

He returned to his former club as vice-president in 1991, and in 2002 became the CEO of the newly founded Bayern Munich Aktiengesellschaft, which is comparable to a joint stock company.

The stocks are not listed on the public stock exchange and are instead privately owned. The registered club FC Bayern Munich holds an 81.8% share, while Adidas and Audi hold 9.1%.

Under the current agreement with members, the club cannot sell more than more than 30% to other companies.

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