TARRAGONA, Spain (Reuters) - Half of the 1.99 billion euros ($2.14 billion) from a media rights deal between LaLiga and private equity firm CVC Capital Partners has already gone to the 38 top clubs which have agreed to accept the investment, a LaLiga top executive confirmed on Tuesday.
The cash boost of 915 million euros was made available on Monday as part of a deal approved in December 2021 to increase the value of the business behind the soccer industry, though four clubs -- including Barcelona and Real Madrid -- opted out.
Initially, the clubs are spending the CVC funds on reducing their debts and investing in their professional teams. "It is understandable most of the money spent so far has been for debt and player signings because this is the easiest to provide documentation and to approve; it does not require further planning," Marta Alonso, LaLiga's top executive, said during a presentation to some 450 representatives of the 38 clubs at a meeting in Tarragona on Tuesday.
LaLiga expects the total value of its business to increase from 24.2 to 33-35 billion euros in seven to 10 years, and it will help the clubs to invest their share of the money.
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