Spanish due Real Madrid and Barcelona took to the media to express their opposition to a €2.7 billion (£2.3bn/$3.2bn) investment deal La Liga made with private equity firm CVC.
CVC Capital Partners was reported to have purchased a 10% stake in the Spanish top-flight, which was announced to the public on Wednesday.
Madrid, on the other hand, revealed that the Spanish club was informed of the deal while also claiming that some of the terms were against the law.
A statement from the Los Blancos’ website was published, which says via best nz online casino: “This agreement was reached without the involvement or knowledge of Real Madrid and today, for the first time, La Liga has given us limited access to the terms of the agreement.
“The clubs have signed over their audiovisual rights exclusively for their sale on a competitive basis for a period of three years. This agreement, by way of a misleading structure, expropriates 10.95% of the clubs’ audiovisual rights for the next 50 years, in breach of the law.
“The negotiation was carried out without competitive proceedings and the financial conditions agreed with CVC Capital Partners give them annual returns of over 20%. This opportunistic fund is the same which tried and failed to reach similar agreements with the Italian and German leagues.
“Real Madrid cannot support a venture which hands the future of 42 Primera and Segunda División clubs over to a group of investors, not to mention the futures of those clubs who qualify over the next 50 years.
“Real Madrid will convene the Assembly of Representative Members to debate the agreement and discuss the significant loss of equity, unprecedented in our 119-year history.”
Barcelona also took to the media to reveal that the deal was not discussed with the clubs before it was agreed on.
A statement from their website also read via real money slots : “FC Barcelona considers that the operation that has been announced has not been sufficiently discussed with the clubs (the owners of the TV rights); that the amount is not congruent with the years of duration, and the deal affects part of all clubs’ audiovisual rights for the next 50 years.
“FC Barcelona feels it is inappropriate to sign a half-century agreement given the uncertainties that always surround the football world.
“The terms of the contract that La Liga is describing condemn FC Barcelona’s future with regard to broadcasting rights.
“FC Barcelona wishes to express its surprise at an agreement driven by La Liga in which the teams’ opinions, including those of FC Barcelona, have not been taken into account. There has not even been a presentation of options offered by other competitors in order to evaluate the pros and cons in a post-pandemic situation in which there are still many questions that are left unanswered.”
La Liga confirmed that 90% of the cash injection from CVC will be spread across the clubs in the country, which included €100 million for the women’s game.
As the two giants in La Liga, Real Madrid and Barcelona will be taking the biggest share of the funds in the deal. While just 15% of the funds will be used for transfers and players’ wages, and the rest will be used for infrastructure.
La Liga president, Javier Tebas, said: “There are challenges in the short term that must be faced urgently and that require a significant financial investment. The strategic agreement with CVC will revolutionise the management model of football clubs and will make the competition much more attractive and exciting.
“There will be better facilities, better players and a better fan experience in everything related to clubs.
“And all this supported by a competition model that will be more digital, more focused on the generation and analysis of data and more international.
“We are laying the foundations to make La Liga the most attractive football competition in the world.”