La Liga ratified its agreement with private equity firm CVC Capital Partners, but several top teams are still fighting the deal.
The private equity firm will spend $2.3 billion in exchange for an 8.2% stake in a new company that will hold the league’s media rights. CVC’s arrangement lasts 50 years, but the firm said it is likely to sell the rights within 10 years.
The pact was approved by 37 of 42 teams, easily reaching the 32 votes the league needed.
Real Madrid, Barcelona, Athletic Bilbao, and Ibiza opposed the deal, and said they will take legal action to stop it. Clubs were given the choice to opt out of the deal.
- Women’s soccer teams were written out of the deal to avoid further complications.
- League officials maintain that women’s teams will have access to around $5.1 million through the deal.
French Leagues Could Be Next
CVC is also one of a handful of private equity firms bidding on a similar arrangement from the Ligue de Football Professionnel, which oversees Ligue 1 and Ligue 2.
The company is taking bids for a stake of up to 20%, worth around $1.7 billion, in a new company that will hold the leagues’ media rights. Bain Capital, Advent, Apollo, Bridgepoint, EQT, KKR, and Silver Lake are also reportedly preparing offers.
The deal could provide additional funds to popular clubs like Paris Saint-Germain and Olympique Marseille.