Real Madrid and Barcelona reject La Liga's CVC investment proposal

racist-abuse

Barcelona joined Real Madrid in condemning Thursday's proposed multi-billion-dollar deal and revenue-sharing arrangement between La Liga and CVC.

The statement came in the aftermath of Barca announcing all-time top scorer Lionel Messi would leave the club after 18 years due to financial constraints put on them by La Liga. CVC announced Wednesday that it would inject 2.7 Billion Euros (PS2.3 Billion) into La Liga. In exchange for 10% of its revenue, a 10% stake at most of its business, and a 10% share in its majority of operations, 90 percent of the injection will go to clubs. "FC Barcelona believes the operation that has been made public has not been discussed sufficiently with clubs (owners of the TV rights); the amount isn't congruent with the years and duration of the deal, and it affects part audiovisual rights of all clubs for the next 50-years," reads a club statement. "The terms that La Liga describes condemn Barcelona's future regarding broadcasting rights. "FC Barcelona would like to express its shock at the agreement reached by La Liga, in which all teams' opinions, including FC Barcelona, were not considered. "It has been impossible to compare the options of other competitors, in order for us to assess the pros and con's in a post pandemic environment in which many questions remain unanswered." On Thursday, Real Madrid released a statement saying: "This agreement has been reached without the involvement of Real Madrid. Today, La Liga has allowed us limited access the terms of this agreement. "The clubs have agreed to sell their audiovisual rights on a market basis, for a maximum of three years. The agreement is misleading and expropriates 10.95% the clubs' audiovisual right for the next 50 year, in violation of the law. "The negotiations were conducted without the need for competitive proceedings. The financial terms that CVC Capital Partners agreed on give them an annual return of over 20%. This fund, which is opportunistic in nature, was also unsuccessful in reaching similar agreements with the German and Italian leagues. Real Madrid cannot support any venture that gives the futures 42 Primera Division and Segunda Division clubs over a group investors, not to say the futures for those clubs that qualify over the next 50-years. "Real Madrid convenes the Assembly of Representative Members for the discussion of the agreement, and to discuss the significant loss of equity that is unprecedented in our history of 119 years." Barca and Real, along with Serie A club Juventus, remain wedded to the ill-fated European Super League idea that was announced earlier this year, but collapsed after fan backlash as nine of the 12 founder clubs pulled out. The Spanish football league executive committee, which includes Sevilla's bosses but not Real Madrid or Barca executives, approved the CVC deal. Now, all members of the league from the top two divisions will vote on it.

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