The LaLiga Assembly ratifies the signing of the ‘Impulso’ project with CVC

  • The Thebes proposal went ahead with 37 votes in favor, 4 against and one abstention

  • The clubs will enter the first installment of 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 LaLiga has ratified by an overwhelming majority (37 votes in favor, 4 against and one abstention) the signing of the project ‘LaLiga Impulso’, in which the British background 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 occur this December and the rest in three installments of 20% in the months of June 2022, 2023 and 2024.

LaLiga had already approved last August ‘LaLiga Impulso’, fruit of the agreement with CVC. After the refusal of Real Madrid, Barcelona and Athletic to sign 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.

Judicial measures

Real Madrid, Barcelona and Athletic have announced that they will take legal action through an official statement published in their official media, the three clubs showing their disagreement with the project and stating that the Superior Sports Council (CSD) invited them “in a manner expresses “to” go to the ordinary courts “if they consider that the project does not comply with the law.

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“We were confident that at said meeting the CSD could adopt decisions that would prevent the eventual approval of a project that we consider flagrantly illegal, such as the La Liga Impulso Project, which, if approved, will involve the judicialization of Spanish football,” the statement warned. “The CSD has informed us that it lacks the power to make decisions about the La Liga Impulso Project and its legality, expressly inviting us to go to the ordinary courts,” he adds.



Reference-www.elperiodico.com

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