Spanish soccer joins lawsuit against $2.3B CVC Capital, La Liga deal
The governing body of soccer in Spain, the Actual Federación Española de Fútbol (RFEF), has joined a lawsuit led by soccer golf equipment Barcelona, Real Madrid and Athletic Bilbao in opposition to a proposed €2 billion (about $2.3 billion) partnership involving La Liga, Spain’s topflight soccer league, and CVC Capital Associates.
Immediately after talking out in opposition to the offer for months, RFEF manufactured official its opposition by signing up for the match, saying in a statement that “incalculable injury is being induced to Spanish football” by the agreement and that a partnership concerning the two get-togethers would “maximize inequality.”
CVC’s offer with La Liga came following the PE firm’s many failed makes an attempt to obtain a stake in a leading European soccer league. In 2020, negotiations fell via for CVC, Arrival Intercontinental and Italian investor FSI to shell out €1.7 billion for a 10{cf07cd047201b183b19c0b335dbd7d35a498f84568531c8abe8643bd3ccfd494} stake in the media legal rights organization of Serie A, Italy’s premier soccer league.
The firm was also described to be trying to get a stake in Bundesliga just before the German soccer league pulled the plug on the revenue system previous Could.
CVC did not quickly respond to a request for remark.
Previous 12 months, CVC and La Liga inked the €2 billion offer to set up a new business that would get earnings from the league’s broadcasting and sponsorship rights for the next 50 decades. CVC would retain an 8.2{cf07cd047201b183b19c0b335dbd7d35a498f84568531c8abe8643bd3ccfd494} stake in the firm as component of the deal.
Barcelona, True Madrid and Athletic Bilbao announced their lawsuit from CVC and La Liga pursuing the deal’s acceptance by 37 out of 42 La Liga clubs in December.
CVC retains stakes in a assortment of other European sports, from Method A person racing to several rugby union investments.
Associated browse: CVC Capital tends to make its greatest sports wager with $3.2B Spanish soccer offer
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