Real Madrid and Barcelona: CVC confiscates our audiovisual rights for 50 years
The two giants, Real Madrid and Barcelona, criticized Thursday the agreement between the Spanish Football League and the company "CVC Capital Partners", considering that it harms the interests of Spanish clubs.
On Wednesday, the association concluded an agreement with CVC, the investment giant based in Luxembourg, to sell 10% of its capital for 2.7 billion euros.
A new company will be created to which the association will transfer all its activities, and the company has a "small stake of about 10%". In return, the association will retain the management of the television broadcasting rights.
"This agreement was made without Real Madrid's participation and without their knowledge, and the League allowed us for the first time today (Thursday) limited access to the terms of the agreement," the Madridista club said in a press statement.
The most decorated club in Spain added,Negotiations took place without a competitive process, and the economic conditions that were established with the CVC Fund guarantee it an annual income of more than 20%.
"This opportunistic fund is the same that tried in vain (forging) similar agreements with the Italian and German leagues," he added.
In Italy, a similar process, with CVC among those interested in concluding it, is on track but is currently facing opposition from some Serie A clubs.
And the Royal Club confirmed, “In Spain, this agreement, using a deceptive structure, confiscates from the clubs 10.95% of their audio and visual rights for a period of fifty years, and in contravention of the law.”
And he added, "Real Madrid cannot support a process that gives investors the future of 42 clubs in the first and second divisions and the future of foreign clubs throughout these 50 years," noting that the club will soon hold an assembly of its members to deal with "the huge financial loss unprecedented in 119 years of history." which will be caused by the said agreement.
For its part, FC Barcelona expressed its "astonishment", saying that the agreement "was not sufficiently agreed upon with the clubs (the owners of TV broadcasting rights)."
"The club considers signing a contract of half a century inappropriate, given the uncertainties that still surround the world of football," he said, adding that he "believes that the terms of the contract that the association is talking about threaten the future of FC Barcelona in terms of audio-visual rights."
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