The Board of Directors of Real Madrid CF have unanimously decided to carry out civil and criminal legal action against the president of La Liga, Javier Tebas, against Mr Javier de Jaime Guijarro responsible for the CVC Fund and against the CVC Capital Partners SICAV-FIS Fund itself.
— Real Madrid C.F. 🇬🇧🇺🇸 (@realmadriden) August 10, 2021
The Board met in the morning to discuss this issue of the CVC funding approved by the La Liga.
The CVC funding has turned out to be a thorny issue for the league, with big clubs opposing this. The €2.7 billion funding was supposed to facilitate the growth of the clubs and fifteen percent can go to immediate squad reinforcements, with the rest going to structural developments like stadiums and facilities. The CVC will have ten percent of the league’s revenue from media and sponsorships for fifty years.
But, instead of widespread applause, they got brickbats from Barcelona, Athletic Bilbao and Real Madrid, who lambasted the deal. Real Madrid insisted that the decision was made without any consent of the club and noted that it goes against a provision for La Liga’s media rights to be sold on a competitive basis for a period of three years. Barcelona, in their statement, declared the terms to be incongruent with the fifty-year duration of the club.
In addition to the statement made above, the Board of Directors has resolved to take legal action it considers appropriate to annul and render ineffective any possible resolutions adopted by the La Liga Assembly, due to be held on 12 August 2021, in relation to the agreement between La Liga and the CVC Fund.