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Top Spanish clubs sue LaLiga and CVC
Athletico Bilbao, Barcelona and Real Madrid have decided to take legal action against LaLiga, its president, Javier Tebas and the private equity fund CVC following a strategic agreement signed between the parties last Sunday (December 12).
The agreement set in motion Boost LaLiga (“LaLiga Impulso”), a project to boost the global growth of LaLiga and its clubs. It saw LaLiga valued with LaLiga valued at a historic €24.25 billion by leading independent experts Rothschild & Co and Duff & Phelps, will result in the league and clubs receive a total of €1.994 billion which will be used for technology, innovation, internationalisation, and sporting growth initiatives.
In a joint statement, the clubs said: “Athletic Club, FC Barcelona and Real Madrid report that they have taken legal action in response to the agreements adopted by the La Liga Assembly in relation to the so-called Impulse Project that LaLiga intends to undertake with the CVC venture capital fund, as it is an illegal transaction that causes irreparable damage to the Spanish football sector as a whole and flagrantly violates the most elementary principles of Spanish sports law and the LaLiga statutes”.
Athletico Bilbao, Barcelona and Real Madrid have decided to take legal action against LaLiga, its president, Javier Tebas and the private equity fund CVC following a strategic agreement signed between the parties last Sunday (December 12).
The agreement set in motion Boost LaLiga (“LaLiga Impulso”), a project to boost the global growth of LaLiga and its clubs. It saw LaLiga valued with LaLiga valued at a historic €24.25 billion by leading independent experts Rothschild & Co and Duff & Phelps, will result in the league and clubs receive a total of €1.994 billion which will be used for technology, innovation, internationalisation, and sporting growth initiatives.
In a joint statement, the clubs said: “Athletic Club, FC Barcelona and Real Madrid report that they have taken legal action in response to the agreements adopted by the La Liga Assembly in relation to the so-called Impulse Project that LaLiga intends to undertake with the CVC venture capital fund, as it is an illegal transaction that causes irreparable damage to the Spanish football sector as a whole and flagrantly violates the most elementary principles of Spanish sports law and the LaLiga statutes”.