Real Madrid, Barcelona and Athletic Bilbao have written to their La Liga colleagues proposing a €2 billion investment plan, which they claim is an excellent alternative to the league’s own deal with CVC Capital Partners.
The CVC agreement – which has the backing of 39 other clubs in Spain’s first and second divisions – was initially approved in August despite opposition from Madrid, Barcelona and Athletic, with a final vote scheduled for December 10.
The new proposal would involve JP Morgan, Bank of America and HSBC jointly lending 2 billion euros to clubs at a cost of between 2.5 and 3% interest over 25 years.
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That compares to the 50-year period for LaLiga’s CVC agreement, which would see the investment fund receive 11% of the league’s income from TV rights.
Both Madrid and Barcelona have been outspoken critics of the CVC deal.
In a speech to club members last month, Madrid president Florentino Perez called it a “deal that made no financial sense for the clubs, but was good for CVC and others involved” and offered to help find a replacement.
“Can you imagine then [former club president] Had the Santiago Bernabeu decided to go ahead with a similar process in 1975, which still exists today? “That sounds ridiculous,” he said.
Speaking in August, Barcelona president Joan Laporta said a deal “would not be in Barcelona’s interest” and was “risky” even if it would help the club keep Lionel Messi.
The League responded to the new proposal from the three clubs on Thursday evening, saying that the move was “aimed at taking out a project that puts their individual goals at risk”.
“The process presented in this letter is based on an impromptu proposal, elaborated without the minimum required rigor,” the association’s statement said.
LaLiga argued that the partnership with CVC is not just a financial operation, but a “strategic project to ensure growth in the medium and long term.”
The dispute over the CVC deal is the latest conflict in a strained relationship between Madrid and La Liga, which has deteriorated further since the Premier League’s attempt to launch in April.
“It is surprising that the promoters of the Premier League, which could have been a killer for the national championships, are expressing their concern about a project that has been approved by the majority of La Liga clubs, and that will not affect them financially,” LaLiga said on Thursday.
The three clubs were left out of the CVC deal in August, when last-minute changes were made to plans before the vote to ensure they didn’t get any money and saw no impact on their share of TV rights income.