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La Liga row over private equity offer

Spain's top football clubs have called on their rivals to reject an offer by private equity group €2bn into the Spanish leagues.   Real Madrid, Barcelona and Athletico Bilbao have written to the heads of the other 39 clubs in leagues one and two urging them to back alternative funding.

The alternative entails the creation of a special purpose vehicle that would raise €2bn of debt at a cost of 2.5-3 per cent over 25 years.   Bank of America, JP Morgan and HSBC are said to be involved.

La Liga has supported CVC ahead of a vote on its deal.  CVC would acquire a share of La Liga's broadcast revenues for the next 50 years.  CVC would provide €2bn to be loaned at zero interest to clubs.

La Liga sources argue that the real issue is the continued support of Real and Barcelona for a European Super League.

La Liga clubs' revenues dropped to €3.1bn in the 2019/20 season, falling behind the Bundesliga at €3.2bn. Premier League revenues total €5.1bn.

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