La Liga is turning to private equity to resolve its pandemic-related cash shortfall. Now it just needs its teams to approve the deal.
The premier Spanish soccer league agreed to sell a stake in assets such as sponsorships and technology, but not management or broadcast rights, to CVC Capital Partners for $3.2 billion. These assets will be moved to a new holding company. The agreement values La Liga at around $28.7 billion.
Luxembourg-based CVC, with $114.8 billion in assets under management, has aggressively sought out investments in sports teams and leagues.
- In March, CVC agreed to invest up to $508.5 million for a one-seventh share in Six Nations Rugby. Last year, it took a 28% stake in the United Rugby Championship for $169 million.
- In February it invested $300 million in a partnership with the International Volleyball Federation.
- In June, reports came out that CVC was in advanced talks on a $600 million deal to merge the two major tennis organizations, the ATP and WTA.
- In February, it was in talks with the San Antonio Spurs about purchasing a 15% stake.
La Liga needs a majority of the 42 teams in its first and second divisions to agree to the deal for it to move forward, and that’s not a foregone conclusion.
In May, Bundesliga teams blocked a deal that would have sold a 25% stake in its media rights to private equity firms including CVC. Serie A clubs did the same on a similar proposal for 10% of the league’s media rights.
One of La Liga’s most popular teams, Real Madrid, has reportedly voiced concern over the proposed deal.
Editor’s Note: La Liga partners with FOS on its Rising 25 award.
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