Real Madrid, Barcelona and Athletic Bilbao have written to other La Liga clubs to come up with a â¬ 2 billion investment plan, which they say is a superior alternative to the league deal. with CVC Capital Partners.
The CVC deal – which has the backing of 39 other clubs in Spain’s first and second divisions – was initially approved in August despite opposition from Madrid, Barca and Athletic, with a final vote slated for December 10.
The new proposal would require JP Morgan, Bank of America and HSBC to jointly loan clubs â¬ 2 billion at a cost of between 2.5% and 3% interest over 25 years.
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This compares to a 50-year period for LaLiga’s CVC deal, which would see the investment fund receiving 11% of the league’s income from television rights.
Madrid and Barcelona have strongly criticized the CVC agreement.
In a speech to club members last month, Madrid president Florentino Perez called the deal a “transaction that made no financial sense for the clubs, but was good for CVC and others involved” and proposed to ‘help find an alternative.
“Can you imagine if [former club president] Santiago Bernabeu had decided to launch a similar operation in 1975, which would still be ongoing today? It sounds absurd, “he said.
Speaking in August, Barca president Joan Laporta said the deal “would not be in Barca’s best interests” and was “too risky”, although it could have helped the club to keep Lionel Messi.
LaLiga responded to the three clubs’ new proposal on Thursday evening, saying the move was “intended to derail a project which endangers their own individual goals”.
“The operation presented in this letter is based on an improvised proposal, developed without the minimum of rigor required,” said a statement from the league.
LaLiga argued that the partnership with CVC is not just a financial transaction, but “a strategic project to secure growth in the medium and long term“.
The dispute over the CVC deal is the latest clash in a divisive relationship between Madrid and La Liga, which has deteriorated further since the attempt to launch the Super League in April.
“It is surprising that the promoters of the Super League, which would have been deadly for the domestic leagues, are expressing concern over a project that the majority of LaLiga clubs have approved and will not affect them financially,” LaLiga said on Thursday.
The three clubs were excluded from the CVC deal in August, when last-minute changes were made to the plans ahead of the vote to ensure they will not receive any money and see no impact on their share of the earnings of the television rights.