Real Madrid have launched civil and criminal legal action against La Liga president Javier Tebas in the wake of the recent €2.7bn deal with private equity firm CVC Capital Partners.
While maintaining full control of sporting issues and the sale of television rights, La Liga will allow CVC a 10% stake in return for the investment, with the deal intended to grow the league’s digital presence, investing in the brand and global audience reach.
The plan is for most of the money invested by CVC to go to clubs, including women’s football.
However, both Real Madrid and Barcelona objected to the investment deal. No clubs were consulted and an initial statement from Real declared they had only received ‘limited access’ to the terms and claimed it to be illegal. Barça, meanwhile, called the 50-year agreement ‘inappropriate’.
Now, a fresh statement from Real has confirmed legal action is being taken. The board of directors has unanimously agreed to open civil and criminal complaints against not only Tebas, but also CVC managing partner Javier de Jaime Guijarro and the CVC fund itself.
Both Real and Barça have been badly affected by the financial impact of the coronavirus pandemic and the CVC deal comes only a few short months after they and 10 other clubs signed up to the controversial European Super League that promised hugely lucrative cash injections.
But amid public outcry, nine of the 12 founder clubs withdrew within a matter of days, leaving only Real, Barça and Juventus stubbornly clinging to the super league concept.