Spain’s two most famous soccer clubs, Real Madrid and Barcelona, have challenged CVC Capital’s agreement to buy a stake in the country’s biggest soccer league.
The two clubs, along with Athletic Bilbao, said in two separate statements that they had appealed the agreement reached last month between the British-based private equity company and the La Liga club, without going into further details. .
CVC has agreed to invest about 2.1 billion euros ($2.5 billion) in exchange for an 11% stake in a new company that will manage broadcast revenues for Spain’s biggest soccer competition. The deal includes La Liga clubs receiving much-needed funds to spend on infrastructure, refinance debt, and sign players.
On August 12, all clubs approved the “CVC” plan except for 4 of the first and second division clubs.
Barcelona, Real Madrid, and Athletic Bilbao clubs refused to count their revenues with the revenues of the rest of the clubs, while Real Oviedo, owned by a company run by Mexican billionaire Carlos Slim, voted against the decision at first, but returned and agreed to it.
A LaLiga spokesperson said in an emailed statement: “It is amazing that they are challenging something that will not actually affect them.”