Ligue 1 completes 1.5 billion euro media rights deal with CVC Capital

Private equity fund CVC Capital has acquired a 13 per cent stake worth €1.5 billion (US$1.65 billion) in Ligue 1's media rights business, French football'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 a year to broadcast Ligue 1 matches.

Last year, CVC struck a €1.994 billion investment in the broadcasting and sponsorship rights connected to Spain's La Liga, 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.