Bengaluru, August 13: Ahead of the new La Liga season starting on Friday (August 13), the La Liga General Assembly has given the nod for the Boost La Liga (La Liga Impulso) project, which gives financial security for the clubs in the top flight of Spanish League.
Through the strategic agreement between the country's top football league and private equity firm CVC, the latter becomes a partner of La Liga and its clubs with the objective of boosting global growth and continuing its transformation into a global digital entertainment company.
As per international news agency reports, the clubs that have approved the project, will receive up to $3.2 billion.
Spain's top soccer clubs to get cash boost from a .2 billion deal between La Liga and private equity firm CVC. Read more https://t.co/fivpiKyeja pic.twitter.com/qxlNKgsRWy
— Reuters India (@ReutersIndia) August 5, 2021
La Liga will retain its sports responsibilities as well as the organisation and management of the marketing of the audiovisual rights.
La Liga President Javier Tebas, spoke about the initiative, "We're convinced that Boost La Liga is the answer to the challenges we've to face in the medium and long term.
It's a strategic agreement that'll provide our clubs with greater capacity, transform their management model and boost the appeal of our competition. It's the boost we need to turn La Liga into a global digital entertainment company that has the most attractive football competition in the world".
The new La Liga season begins amidst a pall of gloom in the post-Lionel Messi era as Catalant giants Barcelona could not retain the talismanic Argentinian striker due to financial constraints.
Financial back up of clubs became a big row following Messi's emotional departure from the league and the new project is expected to set the record straight in this manner.
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Boost La Liga is an unprecedented milestone, representing the greatest boost for Spanish football in its history. The project allows La Liga, with CVC to execute a long-term strategic plan of investment. Boost La Liga will provide La Liga clubs with the necessary resources to improve the competition and the experience of its fans, accelerating clubs growth.
With 38 clubs in favour, of the 32 required, the project was approved, giving the go-ahead to the ambitious investment plan that will boost the professionalism among the clubs and provide a more attractive competition, with better facilities, players and fan experience.
La Liga set to begin in post-Lionel Messi era
All this supported by a competition model that will be more digital, more focused on data generation and analysis, and more international exposure.
The clubs commit to allocate 70 per cent of the resources they receive within the framework of the project to investments related to their development in both infrastructures and technological innovation, with the possibility of an additional 15 per cent for the registration of players and the other 15 per cent for the restructuring of financial debt.
90 per cent of the capital invested in Boost La Liga will go to the clubs. A percentage will be earmarked for other areas of Spanish sport and football, making this an inclusive, equitable and democratic agreement.
Boost La Liga not only shields the economic viability of all Spanish football clubs, but also opens a new present and future for them.