MADRID: Spain’s top football league announced today it has agreed in principle to sell 10% of its business to private equity firm CVC Capital Partners for €2.7 billion to help finance long-term growth.

“The operation is designed to drive the global growth of La Liga and its clubs, continuing its transformation into a global digital entertainment company,” the league said in a statement.

“The operation will be carried out through the creation of a new company to which La Liga will transfer all its businesses, subsidiaries and joint ventures and in which CVC will hold a minority participation of 10%.”

The deal, the first of its type by a major European league, values the league at €24.2 billion and is due to be ratified by the La Liga and CVC boards later today, the statement added.