Bundesliga clubs voted down a proposal to scrap a rule that prevents outside investors from taking a majority stake in German soccer teams.

Martin Kind, the president of first-division Hannover, had argued to abolish the so-called "50+1" rule, which stipulates that clubs must keep a majority of their own shares.

However, representatives of first- and second-division clubs shot down the motion by a 32-1 margin, with three abstentions.

League president Reinhard Rauball said "Bundesliga is staying true to itself" and counting on factors that contributed to its past success such as "stability, continuity and closeness to fans."

Kind had hoped to change the rule, arguing that the move would help make clubs more competitive.