Madrid, Aug 13 (IANS) La Liga clubs have voted to approve an investment deal with the capital investment company CVC Capital Partners worth 2.7 billion euros.
The agreement, late on Thursday evening, was approved by 38 votes in favour and four against from the 42 clubs in the Spanish top flight and second division, with FC Barcelona, Real Madrid, Athletic Club Bilbao and Real Oviedo voting against.
The agreement sees the clubs receive a cash injection in the form of a long-term loan that has to be paid back over a 40-year period, with 15 per cent of that money able to be spent on wages and new signings and the rest on infrastructure, youth systems and women’s teams.
In return, CVC receives 11 per cent of income from all of La Liga’s non-audiovisual-related business and 10 per cent of revenue from audiovisual business for the next 50 years, Xinhua reports.
Real Madrid, Barcelona, Athletic Club and Oviedo have all opted out of receiving any money from the scheme, with the three top-flight clubs all issuing statements which highlight their opposition to a deal that would “mortgage” them for 50 years.
Athletic Club point out that CVC would “recover their investment in 10 years, but the clubs will need 50 years. As well as mortgaging something that is ours… we would have to renounce income from audiovisual rights, which we currently have full capacity to manage.”
Real Madrid had previously announced legal action against La Liga and its president, Javier Tebas over the deal and also pointed out that Serie A and the Bundesliga had rejected previous efforts from CVC to invest in their competitions, reports Xinhua.
The Spanish Football Federation (RFEF) also voiced its opposition, saying on Wednesday it was “completely illegal,” and will have implications for the game.