A Spanish court rejects Real Madrid and Barcelona's request to stop the "CVC" deal
A Spanish court has rejected a request by Real Madrid, Barcelona and Athletic Bilbao for a temporary injunction to block the La Liga deal with an investment group to raise 1.9 billion euros, according to a court document, on Monday.
The agreement gives CVC Capital Partners an 8.2 percent stake in a new company that will receive broadcast revenue and sponsorship rights for 50 years.
To face the fears of declining TV broadcast revenues and the epidemiological restrictions imposed on the attendance of fans, clubs and leagues, inside and outside Spain, are seeking to find alternative sources of revenue.
In December, 38 of the 42 clubs in Spain's first and second tiers signed the deal, the first of its kind in Europe.
In addition to Real Madrid, Barcelona and Bilbao, Ibiza refused to sign but is not a party to the lawsuit.
The three clubs indicated that the lawsuit for the temporary suspension was important to prevent any financial transactions from the agreement.
But the Madrid Civil Court rejected the request, saying the requested suspension would halt proceedings that had already begun or had been carried out, and would force minority criteria against the choice of the majority.
Reuters was not able to obtain comment from the three clubs, while the League said in a statement that it was an important deal for all Spanish clubs.
And Oscar Mayo, the executive director of the League, told Reuters last month that the League was "confident of the legality of the deal."
He added that the first payment of 400 million euros was delivered in January to the clubs and in July CVC will pay 1 billion euros.
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