According to Spanish publication Cinco Dias, Barcelona, Real Madrid and Athletic Club have submitted a fresh offer to La Liga clubs as an alternative to the league’s proposed partnership with CVC.
Real Madrid and Barcelona were staunch protesters against the CVC deal that came to light in the summer, which would have seen an investment of €2 billion into the league, with 10% of those funds filtering down to the clubs for the next fifty years.
Now, the two La Liga behemoths, along with Athletic Bilbao have devised a similar plan of investment with an alternative partner, that would be for half the duration of the proposed CVC agreement, i.e., 25 years.
Under the advisement of Key Capital Partners, who are close advisors of Real Madrid president Florentino Perez, they are already working on financial institutions like Bank of America, JP Morgan, HSBC, BNP Paribas and others to support the financing of the deal.
The three clubs are believed to have sent letters to all clubs under La Liga presenting them with the counter-offer to the CVC deal. While the finances involved have not been explicitly mentioned the letter from Barca, Real Madrid and Athletic offers assurances over a better deal and greater profitability in comparison to the CVC agreement.
La Liga issue statement hitting out at the new proposal
After the alternative proposal issued by the three clubs came to light, La Liga were quick to issue a statement, lashing out at the clubs for not understanding the agreement in place with CVC.
“Trying to compare this operation to the CVC deal is completely missing the point of it in the first place. It shows the non-understanding of the reality of the league and the clubs that participate in it.
La Liga, in their statement, also pointed out at some of the benefits that the deal with CVC would bring for clubs. “CVC is an experienced partner in the sporting sector. MotoGP, F1, Rugby, Volleyball and Cricket have all had resounding success with their model. CVC deal is not a response to teams struggling through a pandemic.
“It is a long term project to guarantee competitiveness and economic growth. 70% of the funds for the project will be used for the future development of the league. CVC will help us optimize those funds.”
The statement also aimed a dig at Barcelona and Real Madrid for their involvement in the universally-criticised European Super League project.
“It’s quite surprising that two of the club founders of the Super League, which was extremely detrimental for domestic leagues, would worry about the well-being of the other clubs in the league. The project was approved by mostly all of the clubs and does not affect them economically.”
An assembly is set to be held on December 10 when a vote will be taken on the CVC deal going through. The intention of Barcelona, Real Madrid and Athletic is to get the other 39 clubs under the La Liga association to vote against it. The league needs just 22 affirmative votes out of the 42 participating clubs to greenlight the operation.