The three La Liga clubs have initiated legal action against the league over the £1.7 billion partnership.
La Liga announced on Friday that they have ratified a partnership deal with private equity fund CVC Capital Partners. All but five of the 42 members of Spain’s top two divisions have signed the deal.
The CVC agreement involves giving up a percentage of the clubs’ TV revenues over the next 50 years. The La Liga sides will, in turn, receive an immediate financial boost to help with their huge losses due to COVID-19.
What has been said?
On Wednesday, Barcelona, Real Madrid and Atletico Bilbao announced their decision to pursue legal action against the controversial deal.
In a joint statement issued on Wednesday, the clubs confirmed: “Athletic Club, FC Barcelona and Real Madrid report that they have taken legal action in response to the agreements adopted by the LaLiga Assembly in relation to the so-called Impulse Project that LaLiga intends to undertake with the CVC venture capital fund, as it is an illegal transaction that causes irreparable damage to the Spanish football sector as a whole and flagrantly violates the most elementary principles of Spanish sports law and the LaLiga statutes.”
Tebas, CVC, and the European Super League!
La Liga president Javier Tebas believes the deal is beneficial for the Spanish teams.
“We are proud to have reached this agreement with CVC,” Tebas said following Friday’s meeting.
“A project that will allow us to continue the transformation towards a global digital entertainment company. It will strengthen the competition and transform the experience of the fans.
“Despite all the obstacles that we have encountered along the way, we have carried out this project. La Liga clubs will be able to improve their infrastructures, develop their brand internationally and take giant steps to strengthen football around the world.”
Barcelona and Real Madrid are also among the three clubs that are still insisting on the European Super League project. Following the project’s collapse, only the two Spanish giants alongside Juventus have remained loyal to the deal. Tebas has reportedly proposed the CVC as an alternative to the Super League project. However, he has failed to persuade the biggest teams of the league to sign the agreement.
Since then, the relationship between Javier Tebas and the presidents of the two clubs has worsened, preventing any chances of reaching an agreement.
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