French football follows Spain into league-level private capital.
What happened
On 4 April 2022 the French league's general meeting unanimously approved a new commercial subsidiary, with CVC taking 13% for €1.5bn. An initial €600m or so was due to reach clubs that summer.
How it was structured
CVC bought a stake in the company that sells the league's commercial rights, rather than making a loan with a maturity. Its return therefore depends on what those rights go on to earn.
Our review
Three years later the league's domestic broadcast deal broke down, and CVC's stake has reportedly been marked down. Equity in league rights carries the full risk of the rights market, which is a useful contrast with a secured loan.
Sources
Not RMF transactions, just general football and sports transactions. Figures are as publicly reported, and reports sometimes differ. General market commentary, not investment, legal or financial advice.