UAE's Mubadala Capital in talks to buy 20% of Brazilian soccer league for US$971 million

SAO PAULO: Brazilian soccer league LIBRA is in talks to sell a stake to UAE's Mubadala Capital, according to a league statement released on Tuesday.

"After a competitive process managed by Banco BTG Pactual and Codajas Sports Kapital, an assembly of LIBRA (...) on November 7th approved exclusive negotiations with Mubadala Capital", the league said. Representatives of soccer clubs voted on the assembly.

One person with knowledge of the matter said Mubadala is expected to pay around 5 billion reais ($971 million) for a 20 per cent stake. The source asked for anonymity to disclose private talks details.

The value and stake size were previously reported by Brazilian newspaper O Globo. Mubadala and the league did not immediately comment on the deal details.