Soccer-Ligue 1 completes 1.5 bln euro media rights deal with CVC Capital

Private equity fund CVC Capital has acquired a 13% stake worth 1.5 billion euros ($1.65 billion) in Ligue 1's media rights business, French soccer's governing body (LFP) said on Thursday.

Private equity fund CVC Capital has acquired a 13% stake worth 1.5 billion euros ($1.65 billion) in Ligue 1's media rights business, French soccer's governing body (LFP) said on Thursday. LFP said last week it had entered into exclusive negotiations with CVC to sell a minority stake in a newly created company that will market the television and online broadcast rights for Ligue 1.

The governing body added that all 20 Ligue 1 clubs have reached an agreement on the allocation of CVC's first investment in French soccer but did not specify how the amount would be distributed. French soccer suffered a blow last year after the collapse of Spanish media rights agency Mediapro, which was supposed to pay 1.2 billion euros a year to broadcast Ligue 1 matches.

Last year, CVC struck a 1.994 billion euro investment in the broadcasting and sponsorship rights connected to Spain's LaLiga, marking the first investment agreement from a private equity firm in a major European League. Luxembourg-based CVC has also invested in Formula 1, MotoGP and rugby.

($1 = 0.9098 euros)