Real Madrid announced this Tuesday that it will go to court to try to prevent the agreement between LaLiga and the CVC fund announced last week and for which the investor will take 10% of the business of the national football competition . The team chaired by Florentino Pérez had already raised their discrepancies with this agreement, valued at 2,700 million euros, and which should be approved in the coming days by the assembly of professional clubs.
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To stop this process, the Real Madrid board of directors, chaired by Florentino Pérez, has agreed “unanimously” to take legal action against the president of LaLiga, Javier Tebas; that of the fund, Javier de Jaime, and against the fund itself, CVC Capital Partners SICAV-FIS, according to informed the team in a statement.
In addition, the club, which was second in the last league behind Atlético de Madrid, has announced that it will take legal action “of all kinds” to annul and nullify the agreements that may be adopted in the LaLiga assembly, called for this Thursday, regarding the agreement between LaLiga and the CVC fund.
LaLiga confirmed last week a “strategic agreement” with the venture capital fund CVC to inject 2,700 million euros into the competition and the clubs. The “ambitious investment plan” derived from this “principle of agreement” will allow “to provide LaLiga and the Clubs with resources with the aim of continuing the transformation towards a global digital entertainment company, strengthening the competition and transforming the experience of the fans. “Said the organization of the highest competition in Spanish football in a statement.
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 and in which CVC will have a minority stake of “approximately” 10% of the capital.
“Additionally, CVC provides funds to LaLiga through a participating account, a long-term agreement that aligns the interests of LaLiga, the Clubs and CVC. LaLiga will keep intact from this new society its sports competitions and the organization and management of the commercialization of audiovisual rights ”. The transaction values LaLiga at 24,250 million euros.