Spain’s LaLiga soccer clubs OK CVC’s 2.1 billion euro capital injection

FILE PHOTO: Soccer Football – La Liga Santander – Atletico Madrid receive La Liga trophy – Wanda Metropolitano, Madrid, Spain – May 23, 2021 Atletico Madrid’s Koke lifts the trophy as they celebrate after winning La Liga REUTERS/Susana Vera

December 10, 2021

By Fernando Kallas

MADRID (Reuters) – Spain’s top soccer clubs approved on Friday a 2.1 billion euro ($2.37 billion) investment from private equity fund CVC Capital Partners for an 8.2% stake in a new company that would manage broadcasting revenues, a source close to LaLiga said.

The “LaLiga Boost” deal marked the first investment agreement from a private equity firm in a major European League.

During a LaLiga General Assembly, 37 clubs voted in favour of the deal, while Real Madrid, Barcelona, Athletic Bilbao and Ibiza voted against, and one club abstained, the source told Reuters.

At least 32 of the 42 teams from the Spanish first and second divisions needed to back the deal to get it through.

Goldman Sachs will contribute with a portion of the funds that CVC will invest in the Spanish football league and recover over 50 years, sources from LaLiga and the fund had said.

A source close to Real Madrid told Reuters that the club will begin legal action against LaLiga as they threatened to do after they announced their objection in August.

($1 = 0.8869 euros)

(Reporting by Fernando Kallas and Inti Landauro; Editing by Nathan Allen and Andrew Heavens)

Source link

Leave a Reply

Your email address will not be published.


join the Patriot Network

Meet with other patriots

No censorship. Be free.