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Goldman Launches $900 Million Junk Bond for Spanish Football

  • Deal backs CVC’s investment in national football league LaLiga
  • Notes split in two tranches, expected to receive BB rating
Players fight for the ball during a LaLiga football match between Real Madrid CF and CA Osasuna in Madrid on Oct. 27, 2021. 

Players fight for the ball during a LaLiga football match between Real Madrid CF and CA Osasuna in Madrid on Oct. 27, 2021. 

Photographer: Javier Soriano/AFP/Getty Images

Banks led by Goldman Sachs Group Inc. launched a 850 million euro ($896 million) high-yield bond to back CVC Capital Partners’ investment in Spain’s national football league, in the first deal of its kind for the sport in Europe. 

CVC will invest a total of 2 billion euros in LaLiga via an entity that will manage the broadcasting revenues of one of Europe’s top football competitions. The league’s football clubs will give up 8% of their broadcast rights for 50 years in exchange. It’s the first deal in European football to let an investor buy a stake in a business linked to a league rather than one or more clubs.