The agreement reached between LaLiga and the international investment fund CVC , called LaLiga Impulso and endowed with 2 . 700 million euros, will serve to stimulate the battered coffers of the clubs, which have seen its income diminished due to the pandemic.
The investment, which will allow, according to LaLiga, the necessary resources “with the aim of continuing the transformation into a global digital entertainment company, strengthening the competition and transforming the experience of the fans “, has the rejection, however, of Real Madrid and the doubts of Athletic Bilbao, as confirmed by sources close to the agreement. Although the Delegate Commission, in which neither Barça nor Madrid are represented, unanimously approved the project, Florentino Pérez, the white president, has been reluctant in full conflict with the employers for the creation of the new European Super League, arguing that he does not need the money.
As LaLiga explained yesterday in a statement, the 90% of resources contributed by CVC Capital Partners, about 2. 430 millions of euros will go to clubs, which also include women’s football and semi-professional football and non-professional hand in hand with the Royal Spanish Football Federation and in the Higher Sports Council (more than 100 million euros).
Participation In exchange for this amount, LaLiga cedes to CVC a minority stake of approximately 10% of the capital of a new company to which it will contribute all its businesses, subsidiaries and joint ventures. However, LaLiga will keep intact its sports competitions and the organization and management of the commercialization of audiovisual rights.
As confirmed by the Economist, the amount that the 42 professional teams (20 of LaLiga Santander Y 22 of LaLiga SmartBank) will be delivered as a participating loan (a hybrid instrument between capital and loan) with an interest rate of 0% and a maturity of 30 years, so in principle its return (of the principal) should not imply any type of charge for the equipment . As it is a hybrid instrument, it will not count as debt, so teams can use this money to improve their balance sheet assets and net worth.
This improvement will be essential to comply with UEFA’s financial rules. Of the amount allocated to clubs, the 70% of the investment they receive will have to be allocated to the development of infrastructures and the growth of the competition itself; a 15% will be dedicated to refinancing the debt, as well as to offset the losses caused by the pandemic, and another 15% to signings. In the latter case, to calculate the distribution of 15% of the funds to the different clubs will take into account the television income of the last seven seasons, which is distributed according to the sporting results.
Thus, teams such as Fútbol Club Barcelona or Real Madrid would receive around 270 Y 260 million euros, respectively, while Atlético de Madrid, current champions of the competition, could earn some 100 million euros.
Extra liquidity In this way, the clubs will have liquidity that was not foreseen at the beginning of the transfer market, so that some operations that have been paralyzed with the aim of not exceeding the salary limit set by the employer, they could get ahead now. This is, for example, what has happened with the renewal of the Argentine contract Leo Messi for FC Barcelona, without forgetting the possible signing of Kylian Mbappé for Real Madrid.
LaLiga’s business However, football clubs are committed to allocating this investment to strengthen strategic areas , such as sports strategy, infrastructure, international development, brand and product development, communication strategy, innovation plan, technology and data and content development plan on digital platforms and social networks.
With this transaction, LaLiga would be valued at 24. 250 millions of euros. This is a higher valuation than that which has been considered in other projects with similar characteristics. Although the LaLiga Delegate Committee unanimously ratified the strategic agreement reached with CVC, it will now have to be the Club Assembly that has to approve it next week.
In the absence of the authorship and the final closing of the last year, the 42 teams of the First and Second division of Spanish football will close the exercise 2020 – 2021, which ended last 30 June, with joint losses of 733 million euros due to the effects of the pandemic. This is what the economic report prepared by LaLiga estimates, in the hands of the consulting firm PWC. The forecast is that revenues will fall by 29, 7%, up to 3. 545 million. Of the total, almost half, 350 million correspond to Barça.