The original deal involved La Liga selling 10% of its commercial business and media rights to private equity firm CVC in return for 2 billion euros of investment. 

There was strong criticism from Barcelona and Real Madrid as the top-flight giants weren’t on board with selling the league’s stakes and giving control of media rights to a private entity. 

As things stand, all 39 clubs across the Spanish leagues except Barca, Madrid and Athletic, have given the go-ahead to seal the deal, with the final voting due on December 10th 2021. 

There has been a new twist in the tale with the three dissenters of the deal, now proposing a 2 billion euros investment deal that would involve banks including Bank of America Corp., JPMorgan Chase & Co. and HSBC Holdings Plc.

As per the new deal, the rate of interest on the debt would be somewhere around 2.5-3%, payable in 25 years, unlike the CVC deal, which involves a revenue share of 10% and access to media rights for the next 50 years.  

With back to back setbacks in Germany and Italy, CVC was hopeful of sealing a deal in Spain with La Liga. But whether the new proposal from Spain’s top clubs will change the minds of others remains to be seen.