Uli Hoeness, club manager at Bayern Munich for 30 years, on Friday officially replaced Franz Beckenbauer as president of the board of the Bundesliga club.
"Thanks Uli for these 30 years of pure passion," club chairman Karl-Heinz Rummenigge said as Hoeness was elected to massive applause at the club's annual general meeting.
Hoeness, a former Bayern player in the 1970s, also won the 1972 European championship and 1974 FIFA World Cup™ with West Germany. He joined the club's coaching staff in 1979 after a recurring knee injury ended his playing career.
At the time Bayern Munich were heavily in debt with an annual turnover of 12 million Deutschmarks (€6 million ). The club has since flourished and under his guidance have won 16 Bundesliga titles and the Champions League in 2001.
In 2008-09 the club's annual turnover was estmated at €268.7 million with profits of €2.5 million, according to figures released on Friday. Former Bayern and German football legend Beckenbauer moves into the post of honorary president in a move which was announced a year ago.