Update: Real Madrid to sue La Liga, CVC over $3.2 bln deal

Real Madrid are preparing to launch a legal claim against Spain’s top soccer league La Liga and private equity firm CVC over their proposed multi-billion dollar investment and revenue-sharing deal, online newspaper El Independiente reported.

The club considers the deal, under which CVC will invest 2.7 billion euros ($3.2 billion) in La Liga in exchange for 10% of its revenue and a 10% stake in most of its business, to be a misappropriation of assets generated by Real Madrid, the news outlet said on Thursday, citing sources close to the team.

Neither Real Madrid nor CVC responded to a request for comment.

A La Liga spokesperson said legal battles between La Liga and Real Madrid are common. “We have been and are at odds over many topics and there are many open cases between La Liga and the club.”

 

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Relations between Madrid and La Liga, which have often been strained, hit new lows earlier this year after the club spearheaded a movement to create a breakaway European Super League with 11 other major teams.

The Spanish football league’s Executive Committee, which includes the bosses of Atletico Madrid and Sevilla but not those of Real Madrid or FC Barcelona, approved the planned CVC deal on Wednesday and it will now be put to a vote by all league members.

Source: Reuters

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