Spain's La Liga to sell 2.7 billion euro stake to CVC

Madrid, Aug 4, 2021 (AFP) - Spain's top football league announced Wednesday it has agreed in principle to sell 10 percent of its business to private equity firm CVC Capital Partners for 2.7 billion euros ($3.2 billion) to help finance long-term growth.

"The operation is designed to drive the global growth of La Liga and its clubs, continuing its transformation into a global digital entertainment company," the league said in a statement.

"The operation will be carried out through the creation of a new company to which La Liga will transfer all its businesses, subsidiaries and joint ventures and in which CVC will hold a minority participation of 10 percent."

The deal, the first of its type by a major European league, values the league at 24.2 billion euros and is due to be ratified by the La Liga and CVC boards later Wednesday, the statement added.

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