The clubs approve the pact between LaLiga and CVC, from which Real Madrid, Barcelona and Athletic hang out

The Spanish professional football clubs, meeting in assembly, have approved this Thursday the agreement with the CVC fund for which they will receive a line of credit that, after the release of the agreement of Real Madrid, Barcelona and Athletic, remains at about 2,100 million euros (with respect to the initial 2,668) to be returned at low interest for 40 years in exchange for just under 9% of LaLiga's profits over the next 50 years, from which the corresponding part will be deducted for teams that reject the financing. The pact has gone ahead with 38 votes in favor and four against (three from First teams -Madrid, Barça and Athletic- and one from Second).

For the operation to go ahead, the consent of at least 33 clubs was necessary. Real Madrid, Barcelona and Athletic have opposed, but they have not managed to drag enough votes against. For the two greats of Spanish football, CVC's assessment of the Spanish competition (25,000 million euros) is below what their leaders consider. Both the Concha Espina club and Barcelona have managed to disengage from the agreement and will not give up 10, 95% of their business, now 9% for the rest of the clubs after their resignation, as will the clubs that have voted in favor, and therefore they will not receive money from this agreement. This last minute variation in the operation accepted by the fund is aimed at avoiding problems in the face of the upcoming legal battle.

Last Tuesday, Real Madrid announced legal measures against Javier Tebas, president of the employer's association, the head of the fund, Javier de Jaime, and against CVC. On Wednesday, the Spanish Football Federation, which crossed out the agreement as "illegal, lousy and regrettable", also announced that it will take legal measures if it sees a decrease in the income that corresponds to it from the commercialization of the television rights of professional football. Tebas is convinced that Real Madrid will soon make a concerted threat to take the agreement to court. "By being left out and not giving up their part, it will now be more complicated for their demands to prosper," says Tebas.

The money from the project, called LaLiga Impulso, is destined to the improvement of infrastructures and digitization in 70%, 15% to refinance debt and the other 15% to register players. According to the calculation made according to the distribution for television rights between 2016 and 2020, Barcelona would have received 253 million and Real Madrid, 241, if they had decided to take advantage of the plan. On the other hand, Atlético would obtain 181; Sevilla, 119 and the least, Elche, 10. 70% of these amounts should go to infrastructure.

The clubs defend that in view of the depreciation of the television rights of the Premier or the Bundesliga, the alliance with CVC is seeking to invest in the business to strengthen it and not lose value and that for this reason the finalist character of 70% has been exploited of money for infrastructure.

15% is used to refinance debt or offset losses and only the remaining 15% could be used to enroll players.

According to a May UEFA report, the crisis created by the pandemic could mean up to 8 billion euros in losses for European clubs in two seasons, a huge slowdown after twenty years of continued growth.

The CVC fund already reached an agreement in March with the Six Nations rugby tournament to win a seventh part of the competition for 365 million pounds sterling (almost 430 million euros and more than 500 dollars).

CVC Capital Partners' interest in Spain goes back a long way.

In the more than 20 years it has been in the country, it has carried out large operations, among which its entry into Naturgy in 2018 stands out —3,800 million for 20% of the firm—, in Deoleo —a firm to which Carbonell and Hojiblanca belong. , in Tendam - owner of Cortefiel or Pedro del Hierro - and in Quirónsalud, among others.

The keys to the agreement

- The CVC fund proposed to contribute 2,668 million euros to LaLiga in exchange for 10.95% of its profits over the next 50 years.

When four clubs were removed from the agreement, the amount would be around 2,100 million, in exchange for slightly less than 9% of the benefits.

- LaLiga lends the clubs 90% of the amount contributed by CVC at a very low interest rate and with a repayment term of 40 years.

- Of the money that each club will receive, 70% must be dedicated to infrastructure, 15% to settle debt and the remaining 15% can be used to increase its salary cap for the next three years.

- The money will be distributed among the clubs, keeping the proportion of the television income they received between 2016 and 2020. With this criterion, Barcelona would receive 253 million;

Real Madrid, 241 if they decided to take advantage of the plan;

Atlético, 181;

Sevilla, 119 and the least, Elche, 10.

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