Uría advises LaLiga on “LaLiga Impulso” €1.9bn project
Uría Menéndez has advised LaLiga on the launch of LaLiga Impulso project on an agreement with CVC fund
The LaLiga General Assembly has ratified the “Boost LaLiga” (LaLiga Impulso) project with backing from a large majority of clubs. The project is a strategic agreement reached with global investment fund CVC to promote the global growth of LaLiga and its clubs. In total, 37 of LaLiga’s 42 clubs voted in favour of the project, which represents a total investment of €1.99 billion for both sporting and business growth initiatives.
LaLiga Impulso sees LaLiga join forces with an established partner with extensive experience in Spain and the international sports industry, providing long-term investment and expertise to help LaLiga and its clubs strengthen their infrastructure, digitalisation, and internationalisation during an uncertain time for the industry.
The project carves out the clubs that choose not to participate. For the rest, this injection of nearly €2 billion commits the clubs to allocating up to 70% of the funds to investments linked to infrastructure, international development, brand and product development, communication strategy, innovation and technology, and a content development plan for digital platforms and social media. Up to 15% can be used to sign players, with the remaining 15% for reducing debt.
This collaboration is a defining moment for Spanish sport and football in particular. The agreement will advance the modernisation of clubs, benefitting football fans, the Spanish sports industry and boosting its profile worldwide.
LaLiga President Javier Tebas commented: “This is a new milestone in the history of LaLiga and its clubs. We’re proud to have reached this agreement with CVC, which will allow us to continue our transformation towards a global digital entertainment company, improving the competition and enhancing the fan experience.” Tebas added that “we’ve been able to get this project off the ground. I am confident it will be a watershed positive moment for these 37 clubs. It will mean they will be able to improve their infrastructures for fans to enjoy, develop their international brand and collectively take giant steps to continue improving this league’s stature around the world.”
Uría Menéndez advised LaLiga with a team formed by partners Rafael Núñez-Lagos, Pablo González Espejo, Rafael García Llaneza, Guillermo Canalejo, Antonio Guerra and Ignacio Álvarez Couso (pictured from left to right, top and bottom), along with associates Carla Alonso, Carlos Arrieta, Cristina Areces, José Ariza and Pablo Fernández.
Latham & Watkins advised CVC during the transaction, with a multidisciplinary team led from Madrid by the managing partner Ignacio Gómez-Sancha, together with Luis Manuel Lozano and José María Alonso, counsels from Corporate and Public Delegation, respectively. Advice on tax matters was provided by partners Jordi Domínguez and Iván Rabanillo; on Competition matters, partner José María Jiménez-Laiglesia; on Procedural matters, partner Óscar Franco and in terms of Financing, partner of Restructuring and Special Solutions, Pedro de Rojas. The Commercial partner Edward Barnett and Entertainment, Sports and Media partner Patrick Mitchell also advised on the deal from London.