Last checked at 
(Repeats adding TV and PIX to slug, no changes to copy)
By Fernando Kallas
MADRID, Dec 10 (Reuters) - Spain's top soccer clubs have
approved a 1.994 billion euro investment from private equity
fund CVC Capital Partners in the first deal of its kind in
Europe, though four clubs - including Barcelona and Real Madrid
- opted out.
On Friday 37 clubs voted in favour of the "LaLiga Boost"
deal that buys CVC an 8.2% stake in a new company that will get
revenues from LaLiga broadcasting and sponsorship rights.
Real Madrid, Barcelona, Athletic Bilbao and Ibiza voted
against the deal, one source close to the negotiations told
Reuters. There was no immediate official statement from those
clubs or details on their next moves.
At least 32 of the 42 teams from the Spanish first and
second divisions needed to back the plan. On top of the four
objections, one other club abstained from voting, the source
said, without naming the club.
LaLiga had said the deal would be worth 2.7 billion euros
when it was first unveiled in August. The lower 1.994 billion
euro figure announced on Friday reflected the opt-outs and will
be shared among the participating clubs and paid over a
three-year period, the league said.
It marks the first investment agreement from a private
equity firm in a major European League.
"This is a new milestone in the history of LaLiga and its
clubs," LaLiga president Javier Tebas said. "It allow us to
continue our transformation towards a global digital
entertainment company, improving the competition and enhancing
the fan experience."
Goldman Sachs will contribute with a portion of the funds
that CVC will invest in the Spanish football league and recover
over 50 years, sources from LaLiga and the fund have said.
The clubs are committed to allocate 70% of the funds to
investments linked to new infrastructure and modernization
projects. Up to 15% can be used to sign players, with the
remaining 15% for reducing debt.
The deal looked like it was at risk of unravelling as
Barcelona, Real Madrid and Athletic Bilbao last week proposed an
alternative proposal which would see JPMorgan, Bank of
America and HSBC jointly lend 2 billion euros
in exchange for a fixed annual payment of 115 million euros for
25 years, a document seen by Reuters showed.
A source close to Real Madrid told Reuters the club will
begin legal action against La Liga as they threatened when they
announced their objection in August. The objecting clubs will
not take any share of the CVC investment, though they will
continue to receive their allocated share of TV rights money,
LaLIGa said.
Barcelona and Real Madrid, who have yet to comment on the
deal, were among the driving forces behind the failed plan to
launch a breakaway European Super League earlier this year and
vowed to continue to set it up after a Madrid court ruled
against UEFA.
It is the third time CVC has tried to invest in a top
European league, after separate plans with Italy's Serie A and
Germany's Bundesliga to sell some media rights to it were
scrapped earlier this year.
CVC is also lining up preliminary bids for a stake in the
French football league's media rights business, a source told
Reuters this week.
CVC has invested in Formula 1, Moto GP and rugby and is
reported by Sky News to be behind a new commercial venture that
is preparing to merge the Association of Tennis Professionals
(ATP) and Women's Tennis Association (WTA).
($1 = 0.8869 euros)
(Reporting by Fernando Kallas and Inti Landauro; Editing by
Nathan Allen and Andrew Heavens)
