Spain’s Top Soccer Clubs Challenge CVC Deal With LaLiga
(Bloomberg) -- Spain’s most storied soccer clubs FC Barcelona and Real Madrid have challenged CVC Capital’s agreement to buy a stake in the country’s top soccer division.
The two clubs and Athletic Bilbao said in separate statements on Friday they will challenge the agreement reached last month between the U.K.-based private equity firm and LaLiga, without elaborating further.
CVC agreed to invest about 2.1 billion euros ($2.5 billion) for an 11% stake in a new company that would manage broadcasting revenues of Spain’s top soccer competition. As part of the deal, LaLiga clubs would get much-needed funds to spend in infrastructure, refinancing debt and signing players.
All but four clubs in Spain’s first and second division voted in favor of the CVC plan on Aug. 12. Barcelona, Real Madrid and Athletic Bilbao won’t pool their revenues with those of the other clubs. Real Oviedo--owned by a vehicle controlled by Mexican billionaire Carlos Slim-- voted against it but ended up supporting it.
“It is surprising they are challenging something that does not actually affect them,” a spokesman for LaLiga said in an emailed statement.
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