An attempt by the government body of the Bundesliga and 2. Bundesliga, the Deutsche Fußball Liga (DFL), to negotiate a contract with a potential investor encountered another big barrier on Tuesday. Fans backing the 36 teams across the two top divisions have protested a possible arrangement ever since the clubs voted in favor of opening the door to an investor buying a minority stake in a yet-to-be-founded media company.

The fan protests have their origins in how the voting came together. Although anonymous, fan organizations have asserted that the critical vote to gain a two-thirds majority came from Hannover 96 CEO Martin Kind. With the members of Hannover 96 voting against the transaction, the club president had instructed Kind to vote against a contract.

Kind has thus far denied revealing whether he voted for or against the accord. Either way, from a legal perspective, it doesn’t matter whether Kind gave the key vote for the sale against the wishes of Hannover 96’s members. As a legal representative of the club, his vote is binding, and the legal implications will be between the CEO and the other decision-makers of the 2. Bundesliga club.

Some fan organizations in Germany, however, have considered Kind’s probable deciding vote a flagrant violation of the 50+1 principle. As a result, fan protests have interrupted games and nearly led to several games being called off during the last two matchdays.

Those fan demonstrations now have a direct impact on the actual discussions between the DFL and the two interested investors, BlackstoneBX (-3.9%) and CVC. Earlier on Tuesday, Bloomberg reported that, due to the fan demonstrations and the uncertainty surrounding the feasibility of a potential purchase, Blackstone had stepped out of negotiations with the DFL.

The DFL has since confirmed the Bloomberg article to the German press agencies SID and DPA. “We can confirm that despite good conversations, Blackstone is no longer considered a marketing partner for the Bundesliga and 2. Bundesliga,” the statement added. “The DFL and its clubs were always aware that the conditions agreed upon in December asked significant demands of potential partners. Despite encouraging negotiations with Blackstone, key issues gathered during the full due diligence phase included restrictive governance, economic aspects, and other details.”

As a result, Luxembourg-based CVC remains the only viable partner for the DFL. “The DFL board and executive leadership will continue the process exclusively with CVC, working towards a good result within the framework voted upon,” the statement said.

Whether such a deal remains feasible, considering the current fan protests in German stadiums, remains to be seen. A study by DW on Tuesday revealed that the majority of German football fans remain adamantly opposed to an investor taking a minority part in a yet-to-be-created media company.

With fans still fiercely opposed to a foreign investor arrangement, fan protests are expected as the DFL continues to negotiate with the CVC. Those fan protests have already led to some decision-makers advocating a re-vote, and with Blackstone now walking away, there is significant concern over whether the DFL can get a deal across the line.