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“Operation LaLiga Impulso is a strategic operation with a partner to grow in the future, not just financing”

The president of the National Professional Football League, Javier Tebas, states in a letter that “the LaLiga Impulso operation is a strategic operation with a partner to grow in the future, not a simple financing as proposed by the alternative project” that defend the Real Madrid, Barça and Athletic.

In the letter, Tebas responded to the letter issued by Real Madrid, Barça and Athletic stating that, “in view of the new letter you have received sent by Real Madrid CF and signed by Athletic Club and FC Barcelona, ​​we can highlight little. since the same arguments are repeated with the sole intention of generating maximum uncertainty and confusion in order to ensure, in any case, that LaLiga Impulso does not go ahead ”.

He explains that the proposal of Real Madrid, Barça and Athletic is a debt operation “and, therefore, requires guarantees (as indicated in the presentation) and the Impulso Plan is an operation of equity (capital) and, consequently, the investor runs the risk of the business, good or bad, without guarantees of return of the principal ”.

In this sense, it indicates that the structure “proposed by Real Madrid” revolves around a “super senior” funding, which receives a preferential right over the clubs, as it accesses the first euros generated by the marketing of audiovisual rights. It assumes neither business risk nor, in practical terms, financial risk. This clashes head-on with the club’s current funding structure. ”

Therefore, he insists that this operation is not possible for many of the clubs that could never use the funding to develop their project, let alone to allocate these funds to grow as a club.

On the contrary, he states that the LaLiga Impulso operation is a strategic operation with a partner to grow in the future, “not a simple financing as the alternative project proposes.”

With regard to legal considerations, he refers again to the assessment of Uria’s experts, who also have the advice of Latham & Watkins for CVC, and adds that the La Liga Impulso Project “is fully compatible with the powers granted by in LaLiga the Law of the Sport and the Royal decree law 5/2015. As the courts have repeatedly stated, the purpose of Royal Decree-Law 5/2015 is that the model of joint negotiation can be carried out and that it can obtain the highest possible performance of the rights held by the clubs, which requires a wide margin of freedom to act in the organizer. This is precisely the goal of the LaLiga Impulso Project ”.

In this regard, Tebas explains that “this is by no means an exclusive LaLiga project. Obviously, this project will only be carried out if it is approved by the General Assembly by a large majority and will have the individual consent of each and every one of the participating clubs. It is, in short, and how can it be otherwise, a joint project of LaLiga and the clubs.

In addition, regarding the capital invested by CVC in the Impulso plan, it is highlighted that it is sent to clubs in the form of a participatory loan regulated by article 20 of Royal Decree-Law 7/1996, of 7 June, which provides that “loans participatory with a view to the priority of credits will be placed after the common creditors ”. Accordingly, it ensures that all clubs can take out this participatory loan without seeking the consent of their common creditors.

“The clubs,” he adds in the letter, “will not grant any kind of piece or encumbrance on their rights, which in addition remain 100% of their exclusive ownership. In addition, there is no right to compensation that creates a legal preference over other creditors of the clubs, but a simple mechanism of payments for compensation without effect to third party creditors.

He adds that unlike “the many charges that other clubs have imposed on their rights (among others, some of the signatories of the letter of this date)”, clubs that adhere to the Impulse Plan will not have to register charges or any encumbrance in the “Register of Charges and other operations on credit rights” referred to in article 29 of Book XI of the General Regulations of the LaLiga.

He reiterated that the existing pieces awarded by clubs that join in favor of third-party funders will remain in full force and will not be affected by the Impulse Plan.

Feasible immediately

In short, the president of LaLiga maintains that the LaLiga Impulso Project is part of the private sphere of self-organization of the League and is based on the full capacity of LaLiga and the clubs to organize their economic relations. , so it emphasizes that it is an operation that is feasible immediately and with full respect for the rules.

On the other hand, he says that the accusation of fraud that he has received is not new, being a habitual reproach made by Real Madrid in LaLiga together with the one of ‘expropriatory conduct’, abuse of right or bad faith, in front of the which, however, the courts themselves have not only dismissed, but have even disqualified the conduct of Real Madrid, considering that it is precisely the club that incurs bad faith and abuse of right ”.

He adds that within the “almost forty existing resolutions” which confirm both the ownership of rights and the scope of competence of LaLiga, the basis on which it is framed and supports the Impulso Project, we can highlight some significant examples of “this” and relates that in challenging the LaLiga Statutes after the entry into force of the Royal Decree-Law, in a judgment of 31 May 2021, “not only is the demand of Real Madrid rejected, but it is incurred in abuse of right and bad faith and having even blocked the distribution of income between the rest of the clubs through ‘procedural strategies in different court orders’.

He also states that “the particular use of the right to information as an affiliate with respect to the challenge to the annual accounts of LaLiga was objected to, both by the Provincial Court itself and by the Courts of First Instance”.

Tebas assures that “LaLiga cannot be subject to a club that, after more than three years, is clandestinely planning the operation of the Superliga. He introduced the project about 6 months ago knowing that it was lethal to our league as shown by numerous third party reports. With misleading arguments, disguising the salvation movement for all clubs and legally threatening LaLiga. Exactly the same as now. ”

“We are already announcing,” he continues, “that for weeks we have been anticipating days of media conflict and noise aimed at making us lose focus on the common goal of working for a better and stronger League. And we are seeing it: artificial dissemination on social media, use of the usual media resources, generation of confusion, legal threats, pressures of all kinds… fortunately, it is already a modus operandi that we all know ”.

In the letter, Tebas concludes by saying that “we still have difficult days ahead of us, because they will not stop being stubborn so we will have to continue working for the common goal of a strong, competitive and promising League”.

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