LaLiga News: Spanish league sells 10% commercial rights for around $ 3 billion- Spain’s leading football league on Tuesday agreed to sell 10% of its business to a private equity firm. The New York Times reported on the deal citing how the league sold a small portion of its business to a firm named CVC Capital Partners earlier this week. However, the deal is also expected to be concluded once Spain’s football governing body obtains the approval of all clubs and its members, as well as other parties involved.
The deal is said to be worth around $ 3 billion and was planned to help various clubs that have suffered from the financial crisis amid the current Covid-19 pandemic situation. FC Barcelona will be one of the biggest profits from the deal if it is approved with the cash-strapped club who should find a way to ease the financial debt pressure they find themselves in.
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This is not the first time that CVC Capital Partners has decided to buy a stake in the media sector, with the private equity firm also in talks with the top Italian football league, Serie A, last year. , only to see the deal fail following a serious objection. by a few clubs.
LaLiga has also been busy making business deals with the Spanish League to expand its partnership with Microsoft Corp earlier this year to help teams generate more revenue and increase their cash flow. The decision was made to help small clubs cope with the loss of revenue and game day income and also to go digital by engaging the fan base with digital products.
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There has been no official communication from CVC Capital Partners to La Liga with sources revealing that the deal has not been finalized. However, both sides are said to be positive about making the deal with La Liga representatives and the CVC have reportedly held meetings with club officials and obtained their approval.