SportsLa Liga Signs Investment Agreement With CVC Capital Partners

La Liga Signs Investment Agreement With CVC Capital Partners

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December 11, (THEWILL) – La Liga has announced the signing of an investment agreement between CVC Capital Partners, a private equity firm, and Spanish top-flight clubs.

Barcelona, Real Madrid, Athletic Bilbao, and an undisclosed club are among the clubs who opposed the €2.1 billion transaction, which was approved when 37 of the 42 clubs in Spain’s Primera and Segunda divisions voted in favour, with 32 being the needed number of votes.

La Liga will give up a percentage of its revenue from television rights for the next 50 years in exchange for a financial boost for Spanish clubs.

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The joint venture offers current La Liga president Javier Tebas a seven-year term, prompting concerns about a potential conflict of interest. After the assembly on Friday that ratified La Liga’s deal with CVC, the President said: “We are facing a new milestone in the history of LaLiga and the clubs.

“We are proud to have reached this agreement with CVC, a project that will allow us to continue the transformation towards a global digital entertainment company, strengthening the competition and transforming the experience of the fans.

“Despite all the obstacles that we have encountered along the way, we have carried out this project, which will be a before and after for LaLiga clubs, which will be able to improve their infrastructures, develop their brand internationally and take giant steps to continue strengthening sport and football around the world.”

The Royal Spanish Football Federation, as well as Barcelona, Real Madrid, Athletic Bilbao, and an unnamed club, are still opposed to the agreement and may take legal action.

The deal has been criticised by Barcelona president, Joan Laporta, as “mortgaging the club’s rights over the next half-century.”

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Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.

Jude Obafemi, THEWILLhttps://thewillnews.com
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.

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