A letter from Real, Barcelona and Athletic to Spanish clubs ›FCBarca.com

Due to reports of a proposal from Real, Barcelona and Athletic competing with the CVC agreement, the clubs decided today to publish the content of the letter they sent yesterday to the other Primera and Segunda División clubs, enclosing a copy to the minister of sports and the president of LaLiga. They emphasize the willingness to jointly work out the best solution that will not mark the future of Spanish football for the next 50 years. Below we present the most important points of the letter.

  • Real, Barcelona and Athletic are aware of the financial difficulties of Spanish football due to the pandemic and are convinced that football needs a rational financial solution that will allow everyone to return to normal.
  • At the same time, they recall that historically these three clubs are owned by socios who have the right to vote. For this reason, opposition to the LaLiga planned operation should be fully understandable. A contract with CVC would ruin the Spanish ball and many irregularities were discovered in it. A CVC is defined as an investor who is not the league’s strategic partner. His goal, which the directors admitted, is to transfer the contract to another company in 8-10 years.
  • Real, Barcelona and Athletic remind that Spanish football has a strong position and good access to potential sources of financing, much more favorable than the current agreement. It would be irresponsible not to consider other options.
  • The clubs propose another project that would reduce interest rates to 2.5-3% per annum for 25, not 50 years. The total cost of CVC operations over 50 years is € 13.1 billion, against € 2 billion of investment in the form of staggered payments over 4 years. By comparison, the alternative offer would cost around 900 million euros over 25 years in return for 2 billion euros of investment paid out right away. The savings would therefore be as much as EUR 12.2 billion, and the contract period would be doubled.
  • An alternative solution would not break the Spanish royal decree and would do without LaLiga as an intermediary. The agreement would therefore not affect the clubs’ ownership of television rights and would not infringe the rights of third parties. No artificial creations would be created, and no foreign entity would influence the management of the LaLiga.
  • The letter was accompanied by a comparative analysis of both projects, a summary of the offer of Real, Barcelona and Athletic, and an assessment of the legal problems related to the contract with CVC. However, these attachments are confidential and their content has not been published.
  • The clubs signed by this letter ask the rest of the Spanish clubs to think about the matter, act reasonably and analyze the options available. Thanks to this, they will be able to rationally and safely overcome financial difficulties without exposing themselves to irregularities and risking the future of football in Spain.

About David Martin

David Martin is the lead editor for Spark Chronicles. David has been working as a freelance journalist.

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