TARRAGONA, Spain (Reuters) - Spain's top clubs need to raise their expectations so they can fully monetise the potential business around soccer, a top executive from private equity firm CVC Capital Partners said on Wednesday.
The Luxembourg-based fund, which has signed a media rights deal with the Spanish professional soccer league LaLiga for 1.99 billion euros to boost modernisation of the clubs, believes the plan is going in the right direction but expects to see more results.
"The clubs need to be more ambitious," Juan Arbide, CVC senior managing director, said during a presentation to some 450 representatives of 38 LaLiga clubs at a meeting in Tarragona on Wednesday. LaLiga and CVC are encouraging Spanish clubs to use the funds to refurbish stadiums to attract more fans to games, increase social media followers and invest in technology to collect fans' data in order to be in a better position to negotiate the next television rights deal.
The deal approved in December 2021 seeks to increase the value of the business behind the soccer industry, though four clubs -- including Barcelona and Real Madrid -- opted out.
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