The president of La Liga, Javier Tebas, has strong support for its financing proposal via entry into the business of the British fund CVC Capital Partners. And this, despite the resistance of the two most powerful clubs, Real Madrid Y Barça, who have proposed a cheaper alternative a priori.
The main crack in Florentino’s last-minute onslaught is that omitted from the beginning the scenario of a loss of value of the television rights of La Liga, despite the fact that sources close to the League itself already recognized the need to face an imminent devaluation of the same.
One of the great threats to La Liga is precisely the European Super League company that Pérez himself founded, initially against the football crisis, and which he still keeps alive with the argument of taking control of UEFA and the state clubs in favor of traditional football.
That caliber gap in a 25-year debt offer presented a week before the final vote has already weakened the position of Florentino’s side, which on Saturday, two days later, had to send another letter with more details to the clubs.
La Liga, on the other hand, has a KPMG report that warns that Pérez’s Super League would threaten the entire Spanish football business after five years.
In it, he stated that the offer he was making through JP Morgan -bank of the Super League- would be cheaper for the clubs if La Liga were devalued by 60% and “even” 75%, without giving details about these scenarios such as the that he had given in the initial offer to denounce CVC’s profit in the event that the Spanish tournament was revalued.
La Liga, on the other hand, has a KPMG report that warns that Pérez’s Super League would threaten the entire Spanish football business after five years.
Florentino could not hide his haste
Florentino’s offer was never able to hide also that it required a greater structuring than La Liga’s, emphasizing that the price raised was an “objective”, without going into depth about what would happen to the clubs in case they could not pay. Debt.
That was its greatest weakness compared to the Tebas-CVC pact, which does not involve debt for the clubs but an injection of capital as a participative loan. The fund could profit with a large amount but never at the cost of generating a liability for the clubs or forcing them to have to renegotiate with third-party creditors, something for many now overwhelming.
Pressure to the bottom after the “betrayal” of the Superliga
“Florentino’s offer is more aimed at the fund than at the clubs,” an important source close to the parties in dispute already commented to this medium last Tuesday. “He knows that it is difficult for him now with the clubs but seeks to break Thebes and press the bottom“recognized other sources about Pérez.
The fact is that the president of Madrid has managed to highlight the great business that the operation can be for CVC, but also, the pain that the background of his friend Javier de Jaime, a traveling companion of the Super League, has caused him has publicly switched sides. And it is that CVC has also secured a clause to renegotiate its agreement with La Liga in the event of a Super League, which now looks at it with different eyes.
They are those of someone like Florentino Pérez who hardly gives up. It is not surprising that he is already preparing to find a way to take the matter to court, a high-profile war in the legal profession in which the big question is the position of the Government, through the Higher Sports Council, which has not wanted to position itself until the vote.
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