A private equity group is buying into Spain’s premier football competition just months after the furore of the failed European Super League.
CVC Capital Partners will take a 10% stake in La Liga at a cost of EUR2.7bn (US$3.2bn), the two groups said today.
The deal values the Spanish league at around EUR24bn with the money earmarked for what are called structural improvements and to help fill the financial hole caused by the Covid-19 pandemic.
Spain’s top two clubs, Barcelona and Real Madrid, will welcome the cash injection as both are struggling to survive under a mountain of debt and huge player wage bills.
La Liga said some 90% of the funds raised will go directly to the clubs, which, in turn, must use the cash to finance investment programmes agreed with the league.
The deal will see a new commercial arm of La Liga established in which CVC would take a 10% stake.
“This agreement aims to lead the transformation that the entertainment world is undergoing and to maximise all growth opportunities for clubs,” it said.
With the boost from the investment, the Spanish league hopes to match or exceed the English Premier League’s business in the next six to seven years, Reuters reported.