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This case study is situated in the football industry and presents the business situation of one of the world''s most famous football clubs, Germany''s FC Bayern Munich (FCB). The story is centered on Karl-Heinz Rummenigge (Chairman) and Uli Hoeness (Deputy Chairman). Together they manage to combine success on the football field with financial success. When compared to all football clubs in Europe''s top five leagues, Bayern Munich is the only club that has been profitable every single year for the past 15 years. But what makes the difference? How did FC Bayern Munich successfully manage this risky football business, where sometimes one goal can decide millions upon millions of euros in revenue? Success in the past is one thing but reacting on dynamic developments in the industry in order to maintain success in the future is another. Current developments in the football industry are challenging Karl-Heinz Rummenigge and his team. They noticed with uneasiness that, although experiencing continuous growth, Bayern Munich had been falling back behind English, Italian, and Spanish competitors in terms of broadcasting revenues. This growing relative disadvantage could endanger Bayern''s future chances to compete on an equal footing with the likes of Real Madrid, FC Chelsea London or AC Milan. The students are requested to analyse the football industry and develop an appropriate strategy for FC Bayern Munich with regard to the competitive environment. In order to provide the students with all necessary information, the case describes the football industry, its different revenue streams, and its main drivers for financial success. The students should identify and address the following major issues: (1) major revenue streams in the football industry and their importance for FCB''s broadcasting revenues in Germany; (2) its drivers and the upside potential for FCB; (3) expansion opportunities in Asia, its drivers and the upside potential for FCB. There is a Simplified Chinese translation available ''C305-538-1''. A teaching note supplement ''305-538-9'' is available to accompany the teaching note.