© Reuters.File photo: Football-La Liga Santander-Atletico Madrid v Huesca-Wanda Metropolitan Madrid, Spain-A panoramic view of the stadium before the game on April 22, 2021 Reuters/Sergio Perez

Madrid (Reuters)-Spain’s top football league La Liga has agreed in principle to sell 10% of its business to private equity firm CVC Capital Partners for 2.7 billion euros ($3.21 billion) to help provide for its long-term growth plan. funds. Said Wednesday.

The alliance said in a statement that the transaction valued La Liga at approximately 24.2 billion euros. If approved, it will provide funding for structural improvements and also offset some of the direct impact of COVID-19.

“The agreement aims to lead the transformation that the entertainment industry is going through and to maximize all growth opportunities for the club.”

Approximately 90% of the funds raised will be used directly by the club, and the club must use these funds to fund the investment plan reached with La Liga.

A source close to La Liga added that, driven by investment, the Spanish League hopes to catch up or surpass the business of the Premier League in the next six to seven years.

The sale of shares still needs to be approved by the league executive committee and the club.

If approved, it could help tightly funded teams, including FC Barcelona, ​​support the shaky financial situation that has been hit by a new blow due to the pandemic.

As part of the consortium, the private equity firm last year negotiated the acquisition of shares in the media business of Italy’s top football league. Due to opposition from some football clubs, the deal ended in failure.

Earlier this year, La Liga expanded its partnership with Microsoft Corporation (Nasdaq:) In order to increase the income of its football clubs affected by the pandemic, and to revitalize the fan base that consumes more and more digital products.

(1 USD = 0.8424 Euro)

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