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Spain's LaLiga clubs approve CVC deal after opt-out concession

Spain's LaLiga clubs approve CVC deal after opt-out concession

FILE PHOTO: La Liga President Javier Tebas poses before an online interview with Reuters at the La Liga headquarters in Madrid, Spain January 27, 2021. REUTERS/Susana Vera/File Photo/File Photo

MADRID :Spain's top league soccer clubs on Thursday approved private equity firm CVC's proposed investment despite votes against from Real Madrid and Barcelona FC, on the condition that individual clubs can opt out of the deal, LaLiga's president said.

Facing fierce opposition from the country's two leading clubs to the plan that initially targeted 2.7 billion euros (US$3.2 billion) in investment, CVC modified its original proposal shortly before the vote, allowing clubs in LaLiga to take part on a voluntary basis.

If Real Madrid, Barca and Athletic Bilbao choose not to join the deal, the investment is likely to total between 2.1 billion and 2.2 billion euros, LaLiga's Javier Tebas told a news conference.

Despite the approval by 38 clubs out of LaLiga's 42, the deal still faces legal risks.

CVC sought to pour money into LaLiga, which covers Spain's top two soccer divisions, in exchange for nearly 11per cent of its revenue from television rights over 50 years.

The league has argued the deal, called "Boost LaLiga", would strengthen clubs and give them funds to spend on new infrastructure and modernisation projects, as well as increasing how much they can spend on players' salaries.

Real Madrid has said it is planning to launch civil and criminal lawsuits https://www.reuters.com/business/finance/real-madrid-sue-la-liga-cvc-chiefs-over-proposed-32-bln-deal-2021-08-10/#:~:text=MADRIDper cent2Cper cent20Augper cent2010per cent20,soccerper cent20clubper cent20saidper cent20onper cent20Tuesday against LaLiga's Tebas and CVC Capital's chief Javier de Jaime Guijarro over the planned deal.

(US$1 = 0.8527 euros)

(Reporting by Belen Carre├▒o, Corina Pons and Inti Landauro; Editing by Andrei Khalip and Mark Potter)

Source: Reuters

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