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Barcelona, Real Madrid, and Athletic Bilbao challenge CVC deal

Fri 17 September 2021 | 19:40

Barcelona, Real Madrid, and Athletic Bilbao are the only clubs that vote against La Liga’s private equity investment deal with CVC.

‘Boost LaLiga’ was made official last month by 38 of 42 clubs across Spain’s top two divisions and is worth a reported €2.2 billion.

CVC

would receive 11 percent of revenue from television rights over the next 50 years in exchange for pouring money into

La Liga

.

Barcelona

,

Real Madrid

, and

Athletic Bilbao

all announced that they were challenging La Liga’s private equity investment deal with CVC. Second division club Oviedo also rejected the measure but they changed their stance recently and came on board with the project.

Most of the money will be given to clubs to spend on new infrastructure and modernization projects as well as increasing how much they can spend on players.

"Athletic Club, FC Barcelona and Real Madrid CF wish to announce that they have contested the resolution adopted by the La Liga Assembly on 12 August 2021, in relation to the deal between La Liga and CVC,"

a joint statement read.

"The agreement violates the provisions of the applicable regulations (and in particular, the Royal Decree-Law 5/2015) and it was adopted within the framework of a procedure that is grossly irregular and disrespectful to the minimum guarantees required for these purposes, especially in a deal of such importance and scope.”

Last month, Real announced that they were going to launch civil and criminal lawsuits against the president of La Liga, Javier Tebas, and the chief of CVC Capital Partners, Javier de Jaime Guijarro, over the proposed deal.

Barca also explained their stance:

"The club's Economic Committee presented a study that concluded the agreement made no sense for Barcelona, not for its cost, nor the remuneration it would receive, the duration or the kind of obligations that it entails," a separate statement read.

"It's surprising they're challenging something that doesn't actually affect them. They would only benefit from the growth of La Liga in the coming years," a La Liga spokesman told Reuters.

"La Liga has the support for the agreement from 39 of the 42 clubs that make up the league. We will continue working with CVC on this project, which we are confident is good for La Liga and the clubs.

"The challenge demonstrates that these three clubs are attempting to prevent growth for the other clubs in the league."


source: SportMob

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