The Thebes proposal went ahead with 37 votes in favor, 4 against and one abstention
The clubs will enter the first installment of the 1,990 million euros this December, and the opponents of the agreement (Real Madrid, Barcelona and Athletic) announce that they will denounce it “in the ordinary courts.”
The Assembly general of The league has ratified by an overwhelming majority (37 votes in favor, 4 against and one abstention) the signing of the ‘LaLiga Impulso’ project, in which the British fund CVC Capital Partners will inject 1,990 million euros in exchange for 9% of the audiovisual rights generated by the competition over the next 50 years. The initial payment of CVC to the clubs of the League will be made as follows: 40% will be produced this December and the rest in three installments of 20% in the months of June 2022, 2023 and 2024.
In person, the general directors of Real Madrid Y Athletic, José Ángel Sánchez Y Jon Berasategui, and by videoconference he intervened Mateo Alemany, director of the football area of the Barcelona. The three clubs insisted yesterday that the agreement incurs in “flagrant irregularities” and maintained their intention to take legal action. In the vote, the OUT OF Ibiza and he abstained Oviedo.
Informative Note: The Extraordinary Assembly ratifies the LaLiga Impulso project by majority.
– LaLiga (@LaLiga) December 10, 2021
LaLiga had already approved last August ‘LaLiga Impulso’, fruit of the agreement with CVC. After the refusal of Real Madrid, Barcelona and Athletic to subscribe it, the Delegate Commission of the organism unanimously approved the agreement last day 1, readapted to the participation of 39 of the 42 adhered clubs. The adjustment, according to LaLiga, did not modify the economic valuation, which remains at 24,250 million euros and will mean an investment of 1,994 million.
Sustainable, the alternative
Before this agreement, Real Madrid, Barcelona and Athletic offered an alternative plan on December 2 to the rest of the LaLiga clubs that they called ‘Sustainable Project ‘. A financing offer participated by JP Morgan, Bank of America Y HSBC with an annual 25-year interest of 2.5-3.3%, which the promoter clubs consider 15 times cheaper and allowing the clubs to save 12.2 billion euros. The financial cost would amount to 900 million euros, in exchange for an investment of 2,000 million euros, which the clubs would receive in full in the first year.
Not only Real Madrid, Barcelona and Athletic rejected ‘LaLiga Impulso’, also the Royal Spanish Football Federation (RFEF) It has been opposed, understanding that it is contrary to the legal system, since the clubs would stop receiving a percentage of their television rights that exceeds the credit received that they will have to return and because this agreement would also harm the clubs that can achieve promotion to the professional category, and that they are outside the project.
In this pulse between both parties, the Higher Sports Council (CSD) was forced to call off the meeting planned on Thursday afternoon with LaLiga, the RFEF and the clubs Real Madrid, Barcelona and Athletic to deal with the situation with the appearance of the projects ‘Impulso’ and ‘Sostenible’ due to the absence of these last three . The Secretary of State for Sports, Jose Manuel Franco, could not seat the parties involved due to the existing discrepancies between the different actors.
Javier Tebas, president of LaLiga, was satisfied after the ratification of the agreement upon his departure from the assembly. “We are happy because it is a very important step for La Liga, for all the clubs that make up The league. Including Real Madrid, Athletic and Barcelona because what is going to do is make our league bigger and more competitive, “he declared.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.