Spanish clubs vote in favor of £1.7b CVC deal
Spain’s top soccer clubs, with the exceptions of Real Madrid and Barcelona, have announced the agreement of an investment deal with a private equity fund CVC Capital Partners.
,
Real Madrid,
Athletic Bilbaowere among the clubs that voted against the £1.7 billion deal, which was approved after 37 of the 42 combined clubs in Spain's Primera and Segunda divisions voted in favor - with 32 being the minimum number of votes required for the deal to pass.
When the agreement was initially announced in August,
La Liga
estimated it would be worth £2.3 billion. The lesser number released on Friday reflected the opt-outs and would be distributed among the participating teams over three years, according to the league.
"This is a new milestone in the history of La Liga and its clubs,"
La Liga president
Javier Tebas
said
.
"It allows us to continue our transformation towards a global digital entertainment company, improving the competition and enhancing the fan experience."
The agreement involves LaLiga giving up a percentage of the revenue it generates from TV rights for the next 50 years, while Spanish clubs are provided with an immediate financial boost.
The clubs have agreed to give 70% of the revenues to investments in new infrastructure and renovation initiatives. Up to 15% can be used to sign players, with the remaining 15% used to reduce debt.
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