Barcelona, Real Madrid and Athletic Bilbao start legal proceedings over LaLiga deal with CVC

Real Madrid, Barcelona and Athletic Bilbao have prosecuted LaLiga, labelling the agreement between the Spanish League and investment fund CVC as “illegal”. The El Clasico fans can buy El Clasico Tickets from our website.

Although Madrid, Barcelona and Atletico opposed, LaLiga clubs voted last week for a €2 billion investment deal with CVC.

Barcelona, Real Madrid and Athletic Bilbao start legal proceedings over LaLiga deal with CVC

The club, dubbed “Project Impulse” by the league, will receive money for infrastructure and modernization and for raising transfer spending limits in return for 11% of LaLiga revenue over the next 50 years from television rights to CVC.

However, Madrid, Barcelona and Athletic, who are also backed by the Spanish Football Federation, said the project will wreak havoc on the Spanish game.

Athletic Bilbao, Barcelona and Real Madrid reported that they have taken legal action over the agreement adopted by LaLiga regarding the so-called ‘impulse plan’, the three clubs said in a joint statement on Wednesday.

“That has caused irreparable harm to the entire Spanish football community, the contract with the CVC Venture Capital Fund is an illegal transaction and blatantly violates Spanish sports law and the most fundamental principles of LaLiga.”

The agreement was approved on Friday and 37 of the 42 Spanish clubs from the first and second division voted in favour. The tournament did not directly respond to a request for a statement on the outfit. UD Ibiza has joined the ranks of Madrid, Barcelona and Athletic, voting against, sources told ESPN and an unnamed club abstained.

The opposition of Madrid, Barcelona and Athletic excluded them from the terms of the initiative. So while other clubs will receive the first €400m in cash in the coming weeks, they won’t but will retain all of the television rights revenues.

The opposition of Madrid, Barcelona and Athletic excluded them from the terms of the initiative

Barcelona president Joan Laporta publicly opposed the contract last summer, saying he would actually sign a mortgage to pledge the club’s future, although his refusal led to the departure of Lionel Messi.

That the CVC deal was aimed at clubs, in a battle of words with LaLiga president Javier Tebas, the three teams argued that have suffered financial losses as a result of the coronavirus crisis.

Madrid, Barcelona and Athletic even wrote to other clubs earlier this month to work with European Premier League supporters JP Morgan Chase, Bank of America and HSBC to propose an alternative proposal that would include a “sustainable project” plan is called.

They state that this scheme is also worth 2 billion euros, but the term is more than 25 years instead of 50 years and the interest is 2.5-3%. It is a “long-term, sustainable, reasonable and legal” alternative. If the CVC grows, the affordable price will increase 15 times and the forecast will be fulfilled.

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