La Liga on Friday said that 37 of the 42 clubs making up Spain’s first and second divisions ratified an investment plan with a private equity firm to inject 1.9 billion euros ($2.1 billion) into the competitions. Barcelona and Real Madrid were the prominent names amongst the exceptions. 

The league further said that 70% of the money coming to clubs from CVC must be used for “investments linked to infrastructure, international development, brand and product placement, communication strategy, innovation and technology, and a content plan for digital platforms and social media.”

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Only 15% can be used for new player signings. The other 15% will be allocated to paying off debts.

Real Madrid, Barcelona and fellow topflight club Athletic Bilbao have criticised the venture that was first presented by the league earlier this year. They recently tried to promote an alternative investment plan through banks that they said would offer better terms.

The two other clubs which opted out were not named by the league.

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The three clubs published an open letter to the Spanish Football Federation (RFEF) and Spain’s National Sports Council (CSD) on Tuesday describing the initiative as ‘illegal’ and ‘fraudulent’. 

They argued that a majority were pressured to accept the CVC deal due to the financial impact of COVID-19 and La Liga’s strict spending limits. 

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The CSD on Thursday called a meeting to broker a deal but Madrid, Barca and Athletic refused to attend. The three had proposed a €2 billion investment plan. It would involve JP Morgan, Bank of America and HSBC jointly lending clubs €2bn at a cost of between 2.5 and 3% interest over 25 years.

With inputs from the Associated Press