Spain's La Liga gets $3.2 bn investment from private equity giant CVC

CVC Capital Partners will invest 2.7 billion euros ($3.2 billion) in La Liga, the Spanish soccer league that’s home to Lionel Messi and other superstars of the world’s favorite sport.

The private equity firm’s investment values La Liga at about 24.3 billion euros, according to a statement Wednesday, and comes at a crucial time for the league, which like others around Europe has seen finances badly hurt by the impact of Covid-19.

Stadium closures and rebates to broadcasters during the pandemic combined to drag La Liga revenue down 8% to 3.1 billion euros in the 2019/2020 season, according to Deloitte’s latest annual