La Liga clubs approve CVC's 2.1 billion euro capital injection despite Barcelona, Real Madrid opposing deal
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A source close to Real Madrid told Reuters that the club will begin legal action against LaLiga as they threatened to do after they announced their objection in August.
Spain's top soccer clubs approved on Friday a 2.1 billion euro ($2.37 billion) investment from private equity fund CVC Capital Partners for an 8.2% stake in a new company that would manage broadcasting revenues, a source close to LaLiga said.
The "LaLiga Boost" deal marked the first investment agreement from a private equity firm in a major European League.
During a LaLiga General Assembly, 37 clubs voted in favour of the deal, while Real Madrid, Barcelona, Athletic Bilbao and Ibiza voted against, and one club abstained, the source told Reuters.
At least 32 of the 42 teams from the Spanish first and second divisions needed to back the deal to get it through.
Goldman Sachs will contribute with a portion of the funds that CVC will invest in the Spanish football league and recover over 50 years, sources from LaLiga and the fund had said.
A source close to Real Madrid told Reuters that the club will begin legal action against LaLiga as they threatened to do after they announced their objection in August.
($1 = 0.8869 euros)