Salem Radio Network News Wednesday, September 22, 2021

Sports

Spain’s La Liga agrees to sell 10% stake to CVC – NYT

(Reuters) – Spain’s top soccer league has agreed in principle to sell 10% of its business to private equity firm CVC Capital Partners for around $3 billion, the New York Times reported late on Tuesday, citing executives with knowledge of the deal.

The deal requires a nod from the league’s clubs and if approved, could help cash-strapped teams including FC Barcelona repair their finances that have taken a blow from the COVID-19 pandemic, according to the newspaper https://nyti.ms/3ijT1S0.

CVC did not immediately respond to a Reuters request for comment after business hours, while La Liga was not reachable.

The private equity firm, as part of a consortium last year, entered talks to buy a stake in the media business of Italy’s top soccer league. The deal fell through following objections from some soccer clubs.

La Liga representatives and CVC have been meeting with club officials to secure their backing, executives told NYT, adding that the deal has not been finalized.

Earlier this year, La Liga expanded its partnership with Microsoft Corp in a bid to boost revenue for its pandemic-hit soccer clubs and re-energise a fanbase that is consuming ever more digital products.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Ramakrishnan M.)

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