The Brazilian Football League (Libra), one of two groups proposing new structures for soccer in the country, has confirmed it is in talks to sell a stake in its proposed competition to UAE investment firm Mubadala Capital.
According to Brazilian newspaper O Globo, Libra is in negotiations to sell 20 per cent of its commercial rights to the ventures platform, owned by the Abu Dhabi-based Mubadala Investment Company (MIC), for $971m.
A further report from Sportico reveals that Mubadala was one of three investment companies that bid for the rights, with the other two being US-based private equity firms. Negotiations are said to have gone on for months and has been managed by Brazilian investment bank BTG Pactual and Codajas Sports Kapital.
Read more: Sports Pro Media
