La Liga, Spain's top soccer league, has agreed in principle to sell 10% of a newly formed company housing most of its business to private equity firm CVC Capital Partners for 2.7 billion euros ($3.2 billion), it said on Wednesday.
The deal values La Liga, host to Real Madrid and Barcelona, at around 24.2 billion euros and, if approved, will fund "structural improvements" while offsetting some of the immediate impact from COVID-19, the league said in a statement.
La Liga said some 90% of the funds raised will be channeled directly to clubs which must use the cash to finance investment programmes agreed with the league. The failure of an attempt earlier this year by 12 of Europe's biggest clubs to set up a breakaway "Super League" ratcheted up pressure on incumbents in the business.Under the terms of the deal, La Liga would set up a new company to house its commercial elements, such as sponsorship deals and matchday revenues, in which CVC would take a 10% stake. It didn't say what structural improvements it envisaged but these could relate to stadium and training facilities.
"This agreement aims to lead the transformation that the entertainment world is undergoing and to maximise all growth opportunities for clubs," it said.
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