The proposal would save Spanish clubs 12.2 billion euros compared to CVC, according to promoters
MADRID, 3 (EUROPA PRESS)
Athletic Club, FC Barcelona and Real Madrid have presented to the rest of LaLiga professional clubs the “rational financial solution” ‘Sustainable Project’, a proposal that is “15 times cheaper” with a saving of 12,200 million, and for 25 years in instead of the 50 that LaLiga Impulso represents, the employer’s project with the CVC venture capital fund.
In a letter signed by their three presidents, Aitor Elizegi, Joan Laporta and Florentino Pérez, Athletic, Barça and Real Madrid declared themselves “fully aware” of the financial difficulties Spanish football is going through due to the crisis caused by COVID- 19.
“For this reason, we are convinced that Spanish football needs a rational and sustainable financial solution that allows us all to regain normalcy and face the future with optimism,” they point out in the letter, where they underline that their commitment to the competition ” it is unquestionable “.
In the letter they argue their “deepest opposition” since last August to LaLiga’s operation with CVC, called LaLiga Impulso, which, according to them, has been reformulated “in equally ruinous terms”, not without “serious irregularities” and that It would “weigh down” the future of Spanish football.
For the promoters of ‘Sustainable Project’, CVC cannot be considered a “strategic partner” of Spanish football but rather a “financial investor”, and they regret that they announced their intention to disengage from the LaLiga Impulso project within a maximum period of 8 to 10 years. .
“It is obvious that LaLiga can – and must – make the necessary contracts to maximize its growth potential, but it must do so with its own means, without renouncing its independence, without losing full ownership of its business and without clubs mortgage their economic future, “they remarked.
“SUSTAINABLE” AND “RATIONAL” ALTERNATIVE
Spanish clubs are part of one of the best leagues in the world and therefore have, according to Athletic, Barça and Real Madrid, privileged access to very reasonable sources of financing in global financial markets under much more attractive conditions than those offered by venture capital funds . “It would be irresponsible for us not to explore the viability of rational and sustainable alternatives before making any irreparable decisions,” they warn.
This “sustainable” and “rational” alternative of ‘Sustainable Project’ would allow all LaLiga and Primera RFEF clubs to “access the same capital offered by CVC assuming infinitely better costs and terms”, and structure the operation at a cost between 2.5 and 3.0 percent per year and for a maximum term of 25 years.
In this way, and always Sustainable Project, the total financial cost of LaLiga Impulso would amount to 13,100 million euros in exchange for a CVC investment of 2,000 million, while that of Athletic, Barça and Real Madrid, to 900 million euros per an investment also of 2,000 million. This would allow Spanish clubs to save 12.2 billion euros, being a proposal “15 times cheaper that only includes commitments for 25 years, and not for 50”.
Other advantages of Sustainable Project would be, for its promoters, that “the direct ownership of the clubs over audiovisual rights is not violated”, “accounting structures and concepts are not used for artificial purposes” and “it is not conferred on any entity outside the world of football any participation in the management and governance of La Liga “.
For all these reasons, for these three clubs it is “disconcerting” that, since there are “viable”, “reasonable” and “sustainable” financial alternatives, LaLiga has not promoted a “competitive”, “open” and “transparent” process to maximize the conditions. financial for all clubs.
“We call for reflection to all actors and managers of Spanish football. It is essential to act with common sense and explore all the available alternatives in order to allow clubs to solve their financial problems in a rational and sustainable way, without incurring serious irregularities or weighing down the future of Spanish football for half a century, “the letter concludes.