Real Madrid to sue heads of LaLiga, CVC Fund over investment deal
Madrid, Aug 10 (EFE).- Real Madrid will sue the heads of LaLiga and the CVC Fund, as well as the fund itself, over an investment agreement, the Spanish league giant said in a statement on Tuesday.
“The Real Madrid CF Board of Directors unanimously agreed to initiate both civil and criminal legal action against the LaLiga President Mr Javier Tebas Medrano, Mr Javier de Jaime Guijarro, head of the CVC Fund, and against the CVC Capital Partners SICAV-FIS Fund itself,” it said.
“In addition, the Board of Directors has resolved to take any legal action it considers appropriate to annul and render ineffective any possible resolutions adopted by the LaLiga Assembly (…) in relation to the agreement between LaLiga and the CVC Fund,” the statement added.
On 4 August, LaLiga announced it had reached a 2.7 billion euro deal with the international private fund, which Real Madrid was opposed to.
“LaLiga will keep its sports responsibilities as well as the organization and management of audiovisual rights sales,” LaLiga said in a statement.
The agreement seeks to “maximize every growth opportunity available to the clubs to develop a new business model that will allow them to diversify and maximize revenues through marketing models that will help to accelerate their digital transformation”, the statement read.
“90% of the 2.7 billion euros proposed to be invested by CVC Funds will be earmarked for the clubs, including women’s football, semi-professional and non-professional football,” it added.
The operation will be carried out through the creation of a new company to which LaLiga will contribute all its businesses, subsidiaries and joint ventures.
CVC, meanwhile, will have a minority stake of approximately 10 percent of the new company’s capital. EFE