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Members approve 'Bayern Munich AG'

Bayern Munich members have approved plans to convert the German superclub into a limited company.

The vote at an extraordinary annual general meeting was 1,356 in favour to 114 opposed, with 43 abstentions - easily clearing the 75 percent required by club statutes.

Club president Franz Beckenbauer, along with vice president Karl-Heinz Rummenigge and general manager Uli Hoeness, convinced members to transform the 100-year-old club into an 'AG'.

The move paves the way for the sporting goods giant adidas to take a 10 percent stake in the club for some EUR75million ($65.3m), which will help pay for a proposed new stadium.