Spain’s top football league has agreed a €2.7bn deal with CVC Capital Partners that could bring private equity into a major European league for the first time, sparking strong opposition from Real Madrid, one of its biggest teams.
The deal with La Liga, which has not been agreed by clubs, values it at just over €24.2bn. Under the project, named “La Liga Impulso”, CVC would take a minority stake in a newly created entity that would manage broadcast, sponsorship and digital rights for the league, which runs Spain’s top two football divisions, but would not take over its regulatory powers.
Just under €2.5bn of the investment would go directly to clubs over a three-year period, according to two people with knowledge of the deal.
However, Real Madrid is opposed to the deal. Its executives were left out of the negotiations and the club felt it had been blindsided. Barcelona’s position is not yet clear.
La Liga’s Comisión Delegada, a committee consisting of president Javier Tebas and 14 clubs that do not include Barcelona or Real Madrid, unanimously approved the deal in a vote on Wednesday, clearing the way for a vote by the 42 clubs in both divisions as soon as next week.
Real Madrid’s opposition means La Liga and CVC will have to rely on support from other clubs. A deal could still go through without unanimous support.
