LaLiga Group International has been launched to coordinate Boost LaLiga – the project that joins LaLiga and investment fund, CVC – which has an 8.2% stake in the new company.
The introduction of the group invests around €298 million, whilst €220 million goes to clubs within Boost LaLiga and a further €78 million to strategic projects promoted by the new holding company.
Javier Tebas, President of LaLiga, commented: “This agreement, a first for professional sports in our country, will provide LaLiga clubs with the necessary boost to fast forward 20 years in terms of professionalisation and development.”
Furthermore, it has been assured that the funds will look to improve stadiums and sports complexes, and adapt pitches to meet television regulations, whilst 34% will meanwhile be used by clubs and SADs to pay off any debt.
Additionally, the agreement with CVC will allow clubs in the Spanish top-flight to start projects in a bid for them to grow internationally.
It has been reported that at least 70% of the funds would go to infrastructure, international development, brand and product development, talent acquisition, communication strategy, innovation and technology plan, and digital content development.
The first two financial injections represent 35% of the €1.994 billion agreed in the Boost LaLiga project, whilst the firm states that the first €1 billion of investment will have been received by July 2022, with the remaining capital due across 2023 and 2024.
This is the second injection of cash since the project launch, following the payment of €400 million last month. Moreover, LaLiga has also set a precedent for other leagues, as well as the sports and entertainment industry, which are exposed to the challenge of adapting to the constant changes in the sector.
In further news, with current games shown through in-house channel LaLiga TV, the league has now released a tender for its UK and Ireland LaLiga Santander television rights for the upcoming seasons to broaden its coverage.
It has stated that interested firms should submit offers before 25 February, as parties are able to make offers for the whole of the UK and Ireland, or the countries separately. Also included are the LaLiga Highlights Show and LaLiga Show support programmes.