The main football clubs of Spain approved on Friday an investment of 1,994 million euros from the venture capital fund CVC Capital Partners for an 8.2% stake in a startup that would manage the revenue from broadcasts, said a source close to LaLiga.
The “LaLiga Boost” agreement marked the first investment agreement of a venture capital firm in a major European league.
During a LaLiga General Assembly, 37 clubs voted in favor of the deal, while Real Madrid, Barcelona, Athletic Bilbao and Ibiza voted against it, and one club abstained, the source told Reuters.
At least 32 of the 42 Spanish first and second division teams needed to back the deal for it to go ahead.
Goldman Sachs will contribute a part of the funds that CVC will invest in the Spanish soccer league and that it will recover over 50 years, according to sources from LaLiga and the fund.
A source close to Real Madrid told Reuters that the club would initiate legal action against LaLiga, as it threatened to do after announcing its objection in August.
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