The modification of the agreement between Laliga and CVC keeps 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 now contributes the investment fund – from 2,700 million euros to about 2,100- and with the percentage that will remain of the exploitation of the audiovisual rights of the 38 clubs during the next 50
Years, which is reduced by two points.
Beginning with the basics, CVC carries out an immediate capital injection to Laliga and in return acquires an annual percentage of the exploitation of television rights for 50 years.
That is, the investment fund does not enter the shareholding of Laliga or acquires ownership of the clubs or no operation of that caliber.
It has simply purchased for half a century a percentage of the benefits of the joint business of clubs.
That money is going to stop directly to Laliga, which will grant 40-year-old loans at 0% interest to each of the clubs.
That is, if a club receives borrowed – for example- 50 million, in the future you will have to return them to Laliga, which will return the money in circulation as soon as it receives it to enable new and future investments.
CVC does not lend the money, so clubs, outside the scope of television rights, nothing should.
The 42 first and second saved four: Real Madrid, Barcelona, Athletic and Oviedo.
That is, 38 clubs that give up during the 50 years of validity of the agreement something more than 10% of their audiovisual rights to CVC.
After having accessed an agreement to the letter from which these four clubs have been unmarked, 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 much less – but it does not stay with anything that corresponds to them.
In principle, neither of the four has the option of recovering and accessing money.
That’s how it is.
The initial agreement set an injection of capital to Laliga of about 2,700 million euros, which must now be submitted by the amount that had corresponded to the four-story clubs.
A figure that exceeds 600 million euros and will set the definitive amount in just less than 2,100 million euros.
Unless, of course, that some other club is unchecking from the operation, something that seems unlikely.
Not at the beginning.
Each first and second club will be able to continue accessing the same amount of loan money that was fixed in the original agreement.
Nor does it modify the destination of that money: 70% for infrastructures, technological innovation, digitization and other more business-cutting aspects than sports, 15% to restructure debt and 15% to expand their salary limit.
The impact will be immediate.
As soon as the clubs sign with Laliga, the agreement to access the loan will see its ability to perform signings and enroll players.
In principle, they can benefit from that expansion already on the first day, which starts tonight.
Something, of course, that only affects the signatories: Barça will have to be looking for life to register Memphis, Eric García and Agüero.
Madrid and Athletic do not have that problem.
