RealMadrid

Spain's top soccer league gets $3.2 bln boost

04-Aug-2021 14:32:24 | Yahoo Sports

It's home to Lionel Messi and other top soccer stars. But Spain's La Liga feels the need for more funding. And on Wednesday (August 4) it looked set to get it. The soccer league has agreed to sell 10% of its commercial business to private equity firm CVC Capital Partners, for about $3.2 billion dollars. La Liga says the money will fund unspecified 'structural improvements', and offset some of the financial damage from the past year. About 90% of the funds will be channeled to clubs, who will have to use it to finance investment programs agreed with the league. That may leave fans disappointed, if they were hoping the deal would fund a frenzy of big-name transfers. The move comes after a failed bid by 12 top clubs, including Spain's Barcelona and Real Madrid, to form a breakaway super league. Spanish soccer is also grappling with slowing growth in the value of TV rights. Now sources say it's hoped the new deal will see La Liga match or exceed the English Premier League on financial power within six or seven years. As for CVC, the former Formula One owner gets to expand its portfolio of sporting assets. Earlier this year it took a stake in rugby's Six Nations tournament, but talks to acquire a share of Italy's top soccer league fell through.The new Spanish deal still has to be approved by La Liga's executive committee, and the member clubs.