La Liga CVC Deal: Spanish FA president labels LaLiga’s CVC deal as shameful: Spanish FA (RFEF) president has labelled LaLiga’s investment deal with private equity firm CVC as “shameful” and insisted that the Federation still do not consider it legally binding.
LaLiga announced this month it had struck a deal with CVC worth 2.7 billion euros ($3.17 billion) in exchange for a 10% return of the league’s revenue, as well as a 10% stake in a newly formed company housing a range of commercial activities, including centralised television rights.
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La Liga CVC Deal: Spanish FA president labels LaLiga’s CVC deal as shameful
The announcement received staunch opposition from Real Madrid, who said they would sue LaLiga, while Barcelona also rejected the proposal.
As a result CVC modified their offer, allowing clubs to opt out, with 38 of the 42 sides from the country’s top two divisions approving the motion last week.
Athletic Bilbao and Oviedo joined the aforementioned duo in rejecting it.
In the aftermath of the announcement, the RFEF said they considered the proposal illegal, a point that Rubiales reiterated on Tuesday.
“It’s a historic agreement, but it’s a shameful agreement,” Rubiales said at a meeting with all of the first division clubs.
“We’re dealing with the biggest case of decapitalisation of clubs in the history of Spanish football. If an agreement is approved by a majority, that’s good, but doesn’t make it legal.
La Liga CVC Deal: Spanish FA president labels LaLiga’s CVC deal as shameful
“LaLiga has worked out the calculations it will be making over the next few years. The RFEF is the guarantor of the competition in itself and the competition is being irreversibly damaged.
“It is historic, no doubt, but for CVC.”
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