La Liga To Sell $3.2 Billion Stake To CVC

By Daily sports on August 5, 2021

Spain’s top football league announced Wednesday it has agreed in principle to sell 10 percent of its business to private equity firm CVC Capital Partners for 2.7 billion euros ($3.2 billion) to help finance long-term growth.

The deal, the first of its type by a major European league, values La Liga at 24.2 billion euros and is due to be ratified by the La Liga and CVC boards later Wednesday, a statement said.

It comes as Spanish clubs, like many across Europe, grapple with a huge drop in revenues as the pandemic forces matches to be played in empty stadiums.

“It is an ambitious investment plan which will give La Liga and its clubs the resources to continue the transformation into a global digital entertainment company, strengthen the competition and transform the experience for fans,” the league statement said.

“The operation will be carried out through the creation of a new company to which La Liga will transfer all its businesses, subsidiaries and joint ventures and in which CVC will hold a minority participation of 10 percent.”

Around 90 percent of the funds which CVC will invest will be channelled directly to La Liga’s clubs, including lower-tier ones.

That will give Spanish clubs more room to sign new players. La Liga in 2013 introduced so-called financial “fair play” regulations setting a maximum amount of money each club can spend on players and coaching staff each season, conditioned by income.

The move follows the collapse four months ago of plans by 12 leading football teams — including Real Madrid, Barcelona and Atletico Madrid — to create a European Super League.

Spain’s top flight has long trailed England’s Premier League in its international audience but there has been a push to attract more consumers worldwide.

In recent years La Liga has opened offices in Shanghai, Delhi, New York, Johannesburg and Dubai. It now has representatives in over 40 countries. (AFP)

*PLS USE LALIGA LOGO

Source Daily sports

Posted August 5, 2021


 

You may also like...
Kane Pledges Commitment To Spurs — And Mourinho...

Kante offered huge raise by Chelsea

Chelsea Return To Top Four With Brighton Draw...

Man U dethrones Real as Europe’s richest club...

Mbappe Will Play For Real Madrid Next Season,Says...

Aiteo Cup: Rivers Angels become 7 time champions...

 

Latest News Hearn slams Ngannou over Joshua defeat excuse Chelsea eye Martinez to replace Osimhen Visa unveils Amusan, Nwachukwu as global ambassadors I’m not under pressure to coach Eagles – Finidi Super Eagles focused on World Cup qualifiers – Omeruo Ibrahim: Striker who wants to emulate Lukaku at Chelsea Boniface ranked best African performer in Europe Napoli may reduce Osimhen price tag Mali beat Nigeria 2-0 in international friendly NOC commends Team Nigeria, government, media for victory at African Games JOF U-13 Cup: 8 Clubs Qualify For Quarterfinals Osimhen resumes training, fit for Atalanta clash

 

Most Read Rangers International going, going . . . (53,396 views) Amaju Pinnick: A cat with nine lives (44,404 views) Second Term: Amaju Pinnick, Other NFF Heavyweights Home to Roost •How Pinnick Broke the Jinx (42,546 views) Missing $150,000 IAAF Grant: Solomon Dalung’s Hide and Seek game (42,221 views) Sports Development: Zenith Bank on the zenith (42,004 views) Gov. Abdullahi Ganduje’s solid footprints, commitment to sports development in Kano State (41,883 views) Current issues in Nigerian sports: Matters arising (41,769 views) NFF Presidency: Pinnick, Maigari, Ogunjobi, Okoye in Battle for Supremacy (41,227 views) Olopade, BET9A wave of revolution in NNL (40,273 views) Commonwealth Games 2018: Shame of Muhammadu Buhari, Solomon Dalung (39,184 views) Ibrahimovic’s Man U exit: Whose decision is it? And in whose interest? (37,636 views) John Mikel Obi: Segun Odegbami’s Outrageous Call! (37,212 views)

 

Phone numbers

Tel: +234(0)8066020976
+234(0)8055068145
+234(0)7013416146
+234(0)8094272884

Email addresses

info@dailysportsng.com
support@dailysportsng.com
publisher@dailysportsng.com

Office address

No 3, Adetoun Close, Off College Road, Ogba, Ikeja Lagos.
Website: www.dailysportsng.com

Social Media