TARRAGONA: Half of the 1.99 billion euros ($2.14 billion) from a media rights deal between LaLiga and private equity firm CVC Capital Partners has already gone to the 38 top clubs which have agreed to accept the investment, a LaLiga top executive confirmed on Tuesday. The cash boost of 915 million euros was made available on Monday as part of a deal approved in December 2021 to increase the value of the business behind the soccer industry, though four clubs — including Barcelona and Real Madrid — opted out. LaLiga expects the Spanish clubs to receive an additional 452.4 million euros this year and the remaining instalment of 454 million during 2024 to finance modernisation projects and infrastructure investments. The investment has secured CVC an 8.2% stake in a new company that will manage revenues from LaLiga’s broadcasting and sponsorship rights for 50 years. Initially, the clubs are spending the CVC funds on reducing their debts and investing in their professional teams. The so-called “LaLiga Boost” project has rules about where the money can go. Clubs must allocate 70% of it for infrastructure and modernisation projects. Up to 15% can be used to sign players, with the remaining 15% for reducing debt. Each club should have presented their plans to LaLiga for approval before June 2022 although, according to a league official, only 21 had been fully approved and five clubs had yet to deliver their development plan. “It is understandable most of the money spent so far has been for debt and player signings because this is the easiest to provide documentation and to approve; it does not require further planning,” Marta Alonso, LaLiga’s top executive, said during a presentation to some 450 representatives of the 38 clubs at a meeting in Tarragona on Tuesday. LaLiga’s president Javier Tebas said he expected an increase in their television rights revenues of 11% annually by 2027, when they are due to sign a new deal. “In four years the results will be seen, we need to be patient and believe in the process,” Tebas said. LaLiga expects the total value of its business to increase from 24.2 to 33-35 billion euros in seven to 10 years, and it will help the clubs to invest their share of the money. CVC has invested in Formula 1, Moto GP, rugby and tennis. Plans to invest in Italy’s Serie A and Germany’s Bundesliga were scrapped last year. In March 2022, CVC acquired a 13% stake worth 1.5 billion euros in France’s Ligue 1 media rights business. Real Madrid, Barcelona, Athletic Bilbao and the Spanish FA have taken legal action against LaLiga over the deal. The clubs opted out of the deal, calling it “an illegal transaction that causes irreparable damage” to Spanish football.