El Classico rivals Real Madrid and FC Barcelona have condemned the recent sale of a 10% stake in LaLiga to CVC Capital for a sum of €2.7 billion.
The agreement between LaLiga – which governs the top two tiers of Spanish football – and the Luxembourg-based private equity firm, will result in the creation of a new company responsible for commercial matters such as sponsorship arrangements, in which CVC will take a 10% stake.
The league initially added that sporting oversight and management of audiovisual rights will remain outside of the scope of the agreement, and is hopeful that the cash injection will assist Spanish football with its bounceback from the financial impacts of the COVID-19 pandemic.
However, treatment of the issue of audiovisual rights in particular has been highlighted by the El Classico clubs as having a detrimental impact on the future of the Spanish club football.
Upon being notified of the full details of the arrangement, the clubs stated that the transaction will affect the audiovisual rights of LaLiga clubs for the next 50 years, despite the terms of the deal seeing teams sign over these rights on a competitive basis for three years.
Real Madrid specifically lambasted a ‘misleading structure’ which will expropriate 10.95% of teams audiovisual rights for the next five decades, which the Los Blancos has argued is ‘in breach of the law’.
Real Madrid’s statement concluded: “Real Madrid cannot support a venture which hands the future of 42 Primera and Segunda División clubs over to a group of investors, not to mention the futures of those clubs who qualify over the next 50 years.
“Real Madrid will convene the Assembly of Representative Members to debate the agreement and discuss the significant loss of equity, unprecedented in our 119-year history.”
Furthermore, the two clubs have also criticised LaLiga for failing to negotiate or discuss the stake acquisition and terms of the agreement with the teams of the first and second divisions.
Commenting on the CVC deal, the club detailed: “FC Barcelona feels it is inappropriate to sign a half-century agreement given the uncertainties that always surround the football world.
“The terms of the contract that LaLiga is describing condemn FC Barcelona’s future with regard to broadcasting rights.
“FC Barcelona wishes to express its surprise at an agreement driven by LaLiga in which the teams’ opinions, including those of FC Barcelona, have not been taken into account. There has not even been a presentation of options offered by other competitors in order to evaluate the pros and cons in a post-pandemic situation in which there are still many questions that are left unanswered.”
Barcelona’s statement came shortly after it was announced that star striker Lionel Messi would be leaving the club after 18 years, with the club citing ‘financial and structural obstacles’ preventing the renewal of his contract.
Furthermore, both teams are still involved with the breakaway European Super League (ESL) tournament, along with Serie A’s Juventus, with the trio having previously condemned UEFA’s ‘consistent coercion’ concerning the issue.