LaLiga: Spanish league to sell $3.2 billion stake to private equity fund

Spain’s top football league announced Wednesday it has agreed in principle to sell 10 percent of its business to private equity firm CVC Capital Partners for 2.7 billion euros ($3.2 billion) to help finance long-term growth.

“The operation is designed to drive the global growth of La Liga and its clubs, continuing its transformation into a global digital entertainment company,” the league said in a statement.

“The operation will be carried out through the creation of a new company to which La Liga will transfer all its businesses, subsidiaries and joint ventures and in which CVC will hold a minority participation of 10 percent.”

The deal, the first of its type by a major European league, values the league at 24.2 billion euros and is due to be ratified by the LaLiga and CVC boards later Wednesday, the statement added.