La Liga, Spain’s top soccer league, has agreed in principle to sell 10% of its business to private equity firm CVC Capital Partners for 2.7 billion euros ($3.21 billion) to help finance its long-term growth plans, it said on Wednesday.
The deal values La Liga at around 24.2 billion euros and, if approved, will fund structural improvements while also offsetting some of the immediate impact from COVID-19, the league said in a statement.
“This agreement aims to lead the transformation that the entertainment world is undergoing and to maximise all growth opportunities for clubs.”
The stake sale still requires approval from the league’s executive committee and clubs.
If approved, it could help cash-strapped teams including FC Barcelona shore up faltering finances that were dealt a fresh blow by the pandemic.
