Real Madrid have let their stance on CVC’s investment in LaLiga Santander be known this Thursday evening, issuing a statement showing their opposition to the proposed move.
Real Madrid won’t sign the document
CVC have agreed to invest as much as 2.7 billion euros in LaLiga Santander clubs, which would have offered Los Blancos a helping hand in pursuit of Kylian Mbappe, but the 13-time European Champions are not keen on the idea, calling it “an opportunistic fund”. In light of the announcement of the agreement between LaLiga and CVC Capital Partners,” began the club’s statement, “Real Madrid states the following: This agreement was reached without the involvement or knowledge of Real Madrid and today, for the first time, LaLiga has given us limited access to the terms of the agreement.
The clubs have signed over their audiovisual rights exclusively for their sale on a competitive basis for a period of three years. This agreement, by way of a misleading structure, expropriates 10.95 percent of the clubs’ audiovisual rights for the next 50 years, in breach of the law. The negotiation was carried out without competitive proceedings and the financial conditions agreed with CVC Capital Partners give them annual returns of over 20 percent. This opportunistic fund is the same which tried and failed to reach similar agreements with the Italian and German leagues.
Barca joined the opposition with Real Madrid
Real Madrid cannot support a venture which hands the future of 42 Primera and Segunda Division clubs over to a group of investors, not to mention the features 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. Keep in mind that Barca is not looking for the funds from this contract too.