Connect with us

Governing Bodies

Real, Barca and Bilbao sue La Liga over nearly 2 billion euro CVC deal

blank

Published

on

blank
Real Madrid is one of three clubs taking legal action against the La Liga football league, announced on Dec 15, 2021.PHOTO: AFP

Real Madrid, Barcelona and Athletic Bilbao are taking legal action against La Liga over a 1.994 billion euro (S$3.08b) private equity deal that Spanish football administrators agreed last week, the clubs said on Wednesday (Dec 15).

All but five of the 42 clubs in the top two divisions signed up to the 1.994b euro investment from CVC Capital Partners, the first of its kind in Europe.

Four clubs, including the top-flight trio, opted out and one abstained.

The deal was “an illegal transaction that causes irreparable damage to the entire Spanish football sector and flagrantly violates the most elementary principles of Spanish sports law and the La Liga statutes,” Real, Barcelona and Bilbao said in a statement announcing legal action which was published on their websites.

The agreement, dubbed “La Liga Boost”, buys CVC an 8.2 per cent stake in a new company that will get broadcasting revenues and sponsorship rights for 50 years.

It commits clubs to allocating 70 per cent of funds for investments to new infrastructure and modernisation projects. Up to 15 per cent can be used to sign players, with the remaining 15 per cent for reducing debt.

Advertisement

La Liga said it confirmed the legality of the deal.

“This decision by Real Madrid CF was a foreseeable reaction, given the Club’s history of head-on opposition and appeal against any strategic initiative that represents an advance and a boost for the competition and its clubs,” it said in a statement.

The CVC deal looked at risk of unravelling last week when Barca, Real and Bilbao proposed an alternative proposal for J.P. Morgan, Bank of America and HSBC to jointly lend 2b euros in exchange for a fixed annual payment of 115 million euros over 25 years, a document seen by Reuters showed.

Barcelona and Real were also among the driving forces behind a failed plan to launch a breakaway European Super League earlier this year, and vowed to continue to try to set it up.

-Reuters

Advertisement

Kunle Solaja is the author of landmark books on sports and journalism as well as being a multiple award-winning journalist and editor of long standing. He is easily Nigeria’s foremost soccer diarist and Africa's most capped FIFA World Cup journalist, having attended all FIFA World Cup finals from Italia ’90 to Qatar 2022. He was honoured at the Qatar 2022 World Cup by FIFA and AIPS.

Continue Reading
Advertisement

Governing Bodies

Sanusi set for record-extending tenure as Nigeria’s football politicians assemble in Asaba

blank

Published

on

blank

BY KUNLE SOLAJA.

Speculations gathered ahead of the 2024 Annual General Meeting of the Nigeria Football Federation holding in Asaba on Friday have it that tenure elongation for the General Secretary, Dr. Mohammed Sanusi, is a major item on the agenda.

Neither formal confirmation nor denial has been issued since one of the leading newspapers in Nigeria, ThisDay dropped the hint.  

 The agenda of the meeting is also not made public. Dr, Sanusi is the longest-serving General Secretary in history having been in office from 30 March 2015 making 3,476 days or nine years six months and four days.

It easily drowned that of his closest rival in tenure – Sani Toro whose tenure from 21 December 1993 to 3 May  1999 is merely 2020 days or five years, six months and 12 days.

Advertisement

 Thus, no one had enjoyed a longer period in office than the incumbent, Dr. Mohammed Sanusi.  It is speculated that the tenure will be extended as NFF has reported that all delegates have arrived in the Delta State capital by Thursday evening.

The NFF Annual General Assembly, the first of which took place 90 years ago in Lagos on 19 February 1934, is the biggest assemblage of football administrators and stakeholders in the country.

In one such meeting on 24 July 2008 in Makurdi, the football body changed its name from NFA to NFF.

This year, according to a press release by the NFF, the plenary will have in attendance, the chairmen and secretaries of football associations in the 36 States and the Federal Capital Territory, chairmen and secretaries of the Nigeria Premier Football League, Nigeria National League, Nigeria Women Football League and the Nationwide League One, as well as chairmen and secretaries of the referees’ association, players’ union and coaches’ association. This group of 88 makes up the Congress.

 They are joined by the members of the NFF Executive Committee and the management team as well as former NFF Presidents and General Secretaries.

Advertisement

The Minister of Sports Development, John Owan Enoh, is announced as the special guest. Nigeria’s Member of the FIFA Council, Amaju Melvin Pinnick is also expected as well as a representative of the West African Football Union (WAFU B).

The Governor of Delta State, Sheriff Francis Oborevwori will declare the General Assembly open. 

Venue is the Unity Hall of the Delta State Government House.

Continue Reading

Governing Bodies

Like in Egypt, former Nigerian Olympian, Sadiq Abdulahi wants Tinubu to declare ‘State of Emergency’ in Sports

blank

Published

on

blank

Former Nigerian tennis player and Olympian, Prof. Sadiq Abdulahi has called for drastic action to arrest the decline of Nigeria in global sporting events.

  The former tennis player who is now a professor in the United States declared that the “failure to win a medal at the regular 2024 Paris Olympics, the few medals at the Paris Paralympic and the fallout at the National Youth Sports Festival has exposed the deep problems facing the sport’s sector.”

  He wants Nigeria to have the same approach that the Egyptian president has taken while reacting to the country’s performance at the Paris 2024 Olypics.

Egypt’s President Abdel-Fattah al-Sisi ordered  a comprehensive evaluation of sports federations that  participated at the Paris Olympic Games, following a mission report submitted by the country’s sports minister.

 According to Prof. Abdulahi, the National Sports Federations charged with the preparation of elite athletes have failed to do their job despite the cry for funding from the government.

Advertisement

“Federal Government cannot adequately fund all the Olympics sports. It is impossible.

“By declaring a state of emergency, new people, new approaches and new funding models will be identified. More importantly, the Federal Government will redefine grassroots sports development.

“We will lay sustainable foundation for sports development.”

Continuing, he called for the return of the National Sports Commission (NSC) which enabling decree was abolished through Decree No. 7 of 1991, but came back through presidential proclamation under Sani Abacha before it was abolished again.

 The original NSC was established in 1964 as National Sports Council before the promulgation of Decree 34 of 1971 which legalised it as  the apex Federal Government agency to control, regulate and organize sports.

Advertisement

  “The FG may now bring back the National Sports Commission or the National Sports Authority. Our emerging national economy with the full participation of the private sector can support this new beginning. I hope this helps.” 

RELATED STORY: President Al-Sisi orders sports system overhaul

Continue Reading

Governing Bodies

CAF gives Yoruba and Arabic interpretations of  ‘OLA’ the Super Cup 2024 Official Match Ball

blank

Published

on

blank

The Confédération African of Football, CAF, has given the linguistics interpretation of OLA, the confederation’s official match balls produced by Puma which has also unveiled a special edition for the Super Cup duel holding on Friday in Saudi Arabia.

According to CAF, OLA, symbolizing the dynamic and energetic nature of African football, means “wealth,” “honour,” and “respect” in Yoruba and “rise” and “success” in Arabic.

The OLA ball stands out with its vibrant design and cultural significance. “OLA” 

The ball is a mix of black and gold, representing power and sophistication. The ball will be the centrepiece of the eagerly-awaited match between the two giants of African football.

Continue Reading

Most Viewed