LaLiga clubs approve €2.7 billion sale of stake to CVC Capital Partners

LaLiga’s general assembly has voted in favour of a deal to sell 10% of the league to CVC Capital partners for €2.7 billion.

Announced last week, the ‘Boost LaLiga’ deal values LaLiga at €24.25 billion, and had previously been approved unanimously today by the league’s Executive Committee (Comisión Delegada).

At an extraordinary general meeting, 38 of the 42 clubs in the Spanish league system voted in favour of the plan with 32 signatures required. The clubs that approved the plan will receive up to €2.68 billion, and have pledged to allocate at least 70% of that total to the development of infrastructure and technical innovation.

Javier Tebas, president of LaLiga, said: “We are convinced that Boost LaLiga is the answer to the challenges we have to face in the medium and long term. It is a strategic agreement that will provide our clubs with greater capacity, will transform their management model and boost the appeal of our competition. It is the boost we need to turn LaLiga into a global digital entertainment company that has the most attractive football competition in the world.”

The plan however has not been met with universal praise. The two leading clubs in the country – Real Madrid and Barcelona – have publicly denounced the sale, arguing that the terms of the deal are not favourable to them. Real Madrid has gone so far as to launch legal and civil action against LaLiga president Tebas and CVC CEO Javier de Jaime Guijarro.