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The modification of the agreement between LaLiga and CVC maintains intact the conditions for the clubs that have voted in favor of it, despite the rejection of four of them.

The most substantial modification has to do with the total amount that the investment fund now contributes - from 2,700 million euros to about 2,100 - and with the percentage that will remain from the exploitation of the audiovisual rights of the 38 clubs during the next 50 years, which is reduced by two points.

What does the agreement consist of?

Starting with the basics, CVC makes an immediate capital injection to LaLiga and in return acquires an annual percentage of the result of the exploitation of television rights for 50 years. In other words, the investment fund does not become a LaLiga shareholder, nor does it acquire ownership of the clubs or any operation of that caliber. It has simply bought over half a century a percentage of the profits of the clubs' joint business. That money goes directly to LaLiga, which will grant 40-year loans at 0% interest to each of the clubs. That is, if a club receives a loan -for example- 50 million, in the future it will have to return it to LaLiga, which will put the money back into circulation as soon as it receives it to enable new and future investments. CVC does not lend the money, so the clubs,outside the scope of television rights, they will owe you nothing.

What clubs have joined?

The 42 of First and Second except four: Real Madrid, Barcelona, ​​Athletic and Oviedo.

That is to say, 38 clubs that, during the 50-year term of the agreement, give up just over 10% of their audiovisual rights to CVC.

After having agreed to an à la carte agreement from which these four clubs have been unchecked, the total percentage of the rights that will go to CVC accounts will be around 8.5%.

The fund benefits from the presence of Madrid and Barça in the competition - without them the set of television rights would be worth much less - but it does not keep anything that corresponds to them.

In principle, none of the four have the option of backing down and accessing the money.

So CVC will pay less, right?

That's how it is.

The initial agreement set a capital injection to LaLiga of some 2,700 million euros, from which we must now subtract the amount that would have corresponded to the four wayward clubs.

A figure that exceeds 600 million euros and that will set the final amount at just under 2,100 million euros.

Unless, of course, some other club is unmarked from the operation, something that seems unlikely.

Does the new agreement modify the conditions for the rest of the clubs?

Not at the beginning.

Each First and Second club will be able to continue accessing the same amount of loan money that was established in the original agreement.

Nor is the destination of that money modified: 70% for infrastructures, technological innovation, digitization and other aspects of a more business than sports nature, 15% to restructure debt and 15% to increase the salary limit.

That of the salary limit ...

The impact will be immediate.

As soon as the clubs sign the agreement with LaLiga to access the loan, they will see their capacity to make signings and to register players increased.

In principle, they will be able to benefit from this extension already on the first day, which starts tonight.

Something, of course, that only affects the signatories: Barça will have to make a living to be able to register Memphis,

Eric García

and

Agüero

.

Madrid and Athletic do not have that problem.

According to the criteria of The Trust Project

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