Jordan businessman Hasan Abdullah Mohamed Ismaik has acquired a major stake in 2. Bundesliga side 1860 Munich.
After buying 49 per cent of the club’s voting rights for a total sum of €18 million, the German Football League (DFL) approved the business plan jointly filed by Ismaik and the club, and granted the license for the 2011-12 season.
With his investment, Ismaik safeguards the survival of the traditional Munich-based outfit, which would have otherwise faced insolvency and lost its professional license.
"TSV 1860 has a great tradition and identity that ought to be preserved and supported," said Hasan Abdullah Mohamed Ismaik in a press release.
"The club has enormous potential and a truly great and passionate fanbase. Together with management headed by president Dieter Schneider, I will do everything to bring 1860 back into the profit zone within the next season.
"Within two or three years, we want to be playing in the 1. Bundesliga again and even eventually compete internationally at some point in the future."