The fund has secured the 1,994 million euros that it had promised to inject into the Spanish professional football competition.
CVC has secured the 1,994 million euros that it had promised to inject into the whole of Spanish professional football through LaLiga Impulso. To this end, the investment firm has contributed 1,200 million euros from the funds it manages, complementing the operation with another 850 million in bank financing through loans with Goldman Sachs, Deutsche Bank and Credit Suisse, which the fund finally launched on last Friday to the bond market to optimize the cost, according to Servimedia.
Despite the difficult situation in the equity markets resulting from Russia's invasion of Ukraine - inflation, uncertainty and higher-than-normal interest rates - CVC has successfully placed a bond issue worth 850 million back their investment in LaLiga Impulso, according to sources in the London market. The market's interest in the potential of the Spanish competition and its clubs and the good ratings granted by Moody's and Fitch, Baa3 and BB respectively, have been decisive in the placement.
This change in the financing structure designed by CVC, which aims to improve the financing cost of the three banks involved in the operation for CVC, does not affect LaLiga Impulso, LaLiga or the clubs in any way, which is insured, guaranteed and available under the terms agreed and signed, the conditions of which are sealed in the contract that gave rise to the creation of LaLiga Group International.
In January 2022, the first 400 million euros were disbursed and the schedule agreed by the LaLiga assembly is for the remaining money to arrive in the months of June 2022, 2023 and 2024.
In fact, most teams are already announcing their investment plans and, in many cases, have used part of the resources to replace existing debt or increase their salary limit.
LaLiga Impulso has become the main lever with which the competition aspires to take the next leap in terms of business, especially after the heavy blow of the pandemic.