Adidas boss Herbert Hainer will become the new president and business chairman of German soccer club Bayern Munich, after the resignation of Uli Hoeness, the club's supervisory board said on Friday.
Uli Hoeness said on Friday he would accept a 3-1/2 year prison term for evading 28 million euros in taxes and would step down from Bayern Munich, the club he made into one of the world's most succesful football dynasties.
Adidas, the world's second largest maker of sporting gear, owns an 8.3 percent stake in the club and has provided its kits for over 50 years.
Hainer was previously deputy head of the supervisory board at Bayern Munich.
"(Hoeness) helped turn FC Bayern Munich into one of the most successful clubs in the world, both on and off the pitch," Hainer said in a statement issued by the club's supervisory board.
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