The announcement last August that CVC Capital Partners wanted to invest €2.7 billion in La Liga was a bombshell to hit Spanish football — for many different reasons.
去年8月，CVC资本合伙人宣布要向西甲投资27亿欧元，这对西班牙足球来说是一颗重磅炸弹--有许多不同的原因。
LaLiga Impulso, literally a “boost” or “shot in the arm”, is the first major deal to see an investor take a stake in the business of a leading football league.
LaLiga Impulso，字面意思是 "促进 "或 "手臂上的一针"，是第一个看到投资者在一个主要足球联赛的业务中持股的重大交易。
The figures involved are spectacular and came at a moment when clubs everywhere were reeling from COVID-19, but the partnership was being planned before the pandemic hit.
所涉及的数字是惊人的，而且是在各地俱乐部对COVID-19感到不安的时候出现的，但这种合作关系在大流行病发生之前就已经开始计划了。
The passions raised have also been tremendous, with very bitter public rows between the highest-profile figures drawing attention to deep fault-lines running through Spanish football.
引起的激情也是巨大的，最高调的人物之间非常激烈的公开争吵使人们注意到了贯穿西班牙足球的深刻断层。
So The Athletic has spoken to many involved in different areas of the industry, both those who think it is great for Spanish football and others who have their reservations.
因此，The Athletic与许多参与该行业不同领域的人进行了交谈，其中既有认为这对西班牙足球有好处的人，也有持保留意见的人。
Here, we look at how the deal was first conceived, and the political manoeuvring and interests involved in getting it passed by almost all of La Liga’s clubs — if not the big two Real Madrid and Barcelona.
在这里，我们看看这笔交易最初是如何构思的，以及在使其获得几乎所有西甲俱乐部--如果不是皇家马德里和巴塞罗那这两大巨头--通过的过程中所涉及的政治手腕和利益。
We also detail how much of the money will be spent — from a potentially all-new stadium for Sevilla, through a big push by US-owned Real Mallorca to win more fans overseas, to a chain of La Liga-themed restaurants rolling out all over the world.
我们还详细介绍了这些钱的用途--从塞维利亚可能的全新体育场，到美国拥有的皇家马洛卡为赢得更多海外球迷的大力推动，再到在世界各地推出的西甲主题连锁餐厅。
This is what the deal might mean for La Liga going into the next decade, and beyond.
这就是这笔交易对西甲进入下一个十年，甚至更远的时间可能意味着什么。
The origins of the deal with CVC Partners go back to a plan by La Liga to spin off an arm of its business called La Liga Tech, which dated from before the pandemic hit. The idea considered was to sell 60 per cent of this new company, which was valued at €450 million. Negotiations took place with more than a dozen investment funds and VC companies about either buying or taking a share in La Liga Tech during 2020. The dialogue with CVC evolved into a more direct partnership where the British private equity firm would take a stake in La Liga itself.
与CVC合作伙伴的交易起源于西甲的一项计划，即分拆其业务中名为西甲科技的部门，这可以追溯到大流行病发生之前。当时考虑的是出售这家新公司60%的股份，其价值为4.5亿欧元。与十几家投资基金和风险投资公司就2020年期间购买或入股西甲科技进行了谈判。与CVC的对话演变成了一种更直接的合作关系，即这家英国私募股权公司将持有西甲联赛本身的股份。
Fast forward to early August 2021 when it was announced that La Liga had agreed in principle for CVC to inject €2.7 billion into its clubs and the competition itself. This “LaLiga Impulso” money was to be spent mostly to improve infrastructure and off-field business areas. In return, CVC would receive a 10 per cent share of La Liga’s TV revenues in a partnership that was to run for 50 years and valued La Liga at €24.25 billion.
快进到2021年8月初，当时宣布西甲已经原则上同意CVC向其俱乐部和比赛本身注入27亿欧元。这笔 "LaLiga Impulso "资金将主要用于改善基础设施和场外业务领域。作为回报，CVC将获得西甲电视收入的10%，该合作关系将持续50年，西甲的估值为242.5亿欧元。
“We spoke to many investment funds about La Liga Tech and we had no doubts that they were the best fund for this,” La Liga’s executive general director Oscar Mayo tells The Athletic. “They are only top-tier fund with expertise in the sports industry, working with teams who sell their AV and marketing rights collectively, as we do. Our clubs do not need financing, the clubs are all able to access funding. We are taking on an equity partner who will share the risks with La Liga.”
"我们与许多投资基金谈过西甲科技，我们毫不怀疑他们是最好的基金，"西甲的执行总经理奥斯卡-梅奥告诉《体育报》。"他们是唯一具有体育产业专业知识的顶级基金，与那些像我们一样集体出售AV和营销权的球队合作。我们的俱乐部不需要融资，俱乐部都能获得资金。我们正在接受一个股权合作伙伴，他将与西甲分享风险。"
The vast majority of the cash injection was to go directly to the clubs. Seventy per cent of the funds would have been ringfenced for long-term investments in physical and professional infrastructure, 15 per cent could pay off or refinance debts, and only 15 per cent could be used for improving squads through player wages or transfer fees.
绝大多数的现金注入是直接给俱乐部的。70%的资金将被圈定用于物质和专业基础设施的长期投资，15%可以偿还或再融资债务，只有15%可以通过球员工资或转会费用于改善球队。
A new holding company was also to be formed to control all of La Liga’s business activities, with CVC Partners having a share in this joint-venture. La Liga kept this share below 10 per cent, while it also would have six of the eight board seats. Its management team was to be composed of La Liga representatives, with Javier Tebas as president. La Liga would retain control of all sporting and competitive areas, but would harness CVC’s experience in other sports including Formula 1 and rugby to improve innovation and competitiveness throughout Spanish football.
此外，还将成立一家新的控股公司，以控制西甲的所有业务活动，CVC合伙人将在这家合资公司中占有一定的股份。西甲将这一份额保持在10%以下，同时它还将拥有8个董事会席位中的6个。其管理团队将由西甲代表组成，哈维尔-特巴斯担任总裁。西甲将保留对所有体育和竞技领域的控制权，但将利用CVC在其他体育项目中的经验，包括一级方程式和橄榄球，以提高整个西班牙足球的创新和竞争力。
This was quickly welcomed by most Spanish clubs, but others were less impressed. Real Madrid immediately made clear that they were dead against the deal, which they thought was both bad value and of little use to them. It was pointed out that Serie A had rejected a similar opportunity, albeit with much less money involved. The Bundesliga also explored selling a stake in the German league to private equity firms without progressing to a deal.
这很快受到了大多数西班牙俱乐部的欢迎，但其他俱乐部却不太看好。皇家马德里立即明确表示，他们坚决反对这笔交易，他们认为这笔交易既不值钱，对他们也没有什么用处。有人指出，意甲也曾拒绝过类似的机会，尽管涉及的资金要少得多。德甲也曾探讨过将德国联赛的股份出售给私人股本公司，但没有进展到交易。
A week later, a vote on the deal was held at an extraordinary meeting of all 42 Primera and Segunda clubs. Four clubs declined to support the proposal — Madrid, Barcelona, Athletic Bilbao and Segunda side Real Oviedo. Final ratification was still required, while the process of informing and convincing all clubs continued before that vote at La Liga HQ in Madrid on December 10.
一周后，在所有42个Primera和Segunda俱乐部的特别会议上，对该交易进行了投票。四家俱乐部拒绝支持该提案--马德里竞技、巴塞罗那、毕尔巴鄂竞技和乙级联赛的皇家奥维多。最后的批准仍然需要，而在12月10日在马德里的西甲总部投票之前，通知和说服所有俱乐部的过程仍在继续。
“It was more about informing the clubs than convincing them,” Mayo tells The Athletic. “We had more than 120 meetings with clubs. We wanted them to understand the operations, its benefits, and the strategy behind having a partner like CVC. It was intense, but not difficult. The most important for us was to maintain a big majority, which held together through all the turbulence.”
"这更多的是告知俱乐部，而不是说服他们，"梅奥告诉《运动员》。"我们与俱乐部举行了120多次会议。我们希望他们能够了解运营情况、其好处以及拥有CVC这样的合作伙伴背后的战略。这很紧张，但并不困难。对我们来说，最重要的是保持一个大的多数，在所有的动荡中保持一致"。
That turbulence included Madrid, Barca and Athletic Bilbao making public a “counter-offer” to the CVC deal. Their “Proyecto Sostenible” (Project Sustainable) proposal would offer roughly the same amount of money to clubs, as a straight loan at better terms (over 25 years and at most three per cent interest), with the clubs retaining control of their entire TV revenues.
这种动荡包括马德里竞技、巴萨和毕尔巴鄂竞技公开对CVC的交易提出 "还价"。他们的 "Proyecto Sostenible"（可持续项目）提案将向俱乐部提供大致相同的资金，作为直接贷款，条件更好（超过25年，最多3％的利息），俱乐部保留对其全部电视收入的控制。
The Spanish FA (RFEF) president Luis Rubiales also came out against the CVC deal, claiming it was illegal under Spanish law. The federation and “rebel” clubs even asked the Spanish government to stop the December 10 vote from going forward, but the government’s council for sport said it did not have the power to intervene.
西班牙足协（RFEF）主席Luis Rubiales也站出来反对CVC的交易，声称根据西班牙法律这是非法的。足协和 "反叛 "的俱乐部甚至要求西班牙政府阻止12月10日的投票，但政府的体育理事会表示，它没有权力进行干预。
In the end, despite media reports that many clubs were wavering and would vote against, there was no big drama. Thirty-seven of the 42 clubs voted in favour, with Segunda club Ibiza the only one to have changed their mind since August.
最后，尽管媒体报道说许多俱乐部摇摆不定，将投反对票，但没有出现大的戏剧性。42家俱乐部中有37家投了赞成票，Segunda俱乐部Ibiza是8月以来唯一改变主意的俱乐部。
By now, the total sum involved was €1.994 billion, adjusted down due to those clubs who were staying outside. CVC was now taking 8.2 per cent of the new holding company set up to manage La Liga’s business interests. It would also get 8.2 per cent of net income from TV each year over the next five decades.
到目前为止，涉及的总金额为19.94亿欧元，由于那些留在外面的俱乐部而有所调整。CVC现在获得了为管理西甲商业利益而成立的新控股公司8.2%的股份。它还将在未来五十年内每年从电视净收入中获得8.2%。
So if the deal was so widely popular among almost all La Liga clubs, why did everything get so complicated and noisy?
因此，如果交易在几乎所有的西甲俱乐部中都广受欢迎，为什么一切都变得如此复杂和嘈杂？
Because pretty much everything that is done at an administrative and organisational level in Spanish football over recent years gets complicated and noisy. One side is Tebas and most Primera and Segunda Division clubs. Facing them are Madrid president Florentino Perez, federation chief Rubiales and, more recently, Barca’s returning president Joan Laporta. This trio are not always allied on everything but often unite in their opposition to whatever Tebas is proposing.
因为近几年来，西班牙足球在行政和组织层面上所做的几乎所有事情都变得复杂和嘈杂。一方是特巴斯和大多数甲级和乙级联赛俱乐部。面对他们的是马德里竞技主席弗洛伦蒂诺-佩雷斯，联合会主席鲁维亚莱斯，以及最近巴萨的回归主席琼-拉波尔塔。这三人并不总是在所有的事情上结盟，但经常联合起来反对特巴斯提出的任何建议。
Madrid’s rejection of LaLiga Impulso was no surprise to anybody who has been following Spanish football politics. The Bernabeu club has generally been fighting the league since Tebas pushed through the collective sale of broadcast rights in 2015. Madrid have taken more than 50 different legal actions against La Liga proposals in the Spanish courts in recent years, all defending the club’s own interests.
对于任何关注西班牙足球政治的人来说，马德里拒绝LaLiga Impulso的做法并不奇怪。自从特巴斯在2015年推动集体出售转播权以来，伯纳乌俱乐部一般都会与联盟对抗。近年来，马德里竞技在西班牙法院对西甲提案采取了50多次不同的法律行动，都是为了维护俱乐部的自身利益。
“Real Madrid does not like that Tebas does not count on them while making changes, and they feel they do not receive enough money considering what they bring to the competition,” says an industry source. “In a way, Madrid and Barcelona think Tebas takes advantage of them to earn money and does not recognise their position. That is the root of all the conflict.”
"皇马不喜欢特巴斯在做出改变时不指望他们，他们觉得考虑到他们给比赛带来的好处，他们没有收到足够的钱，"一位业内人士说。"在某种程度上，皇马和巴萨认为特巴斯利用他们来赚钱，不承认他们的地位。这就是所有冲突的根源。"
Madrid just do not see the CVC deal as good for them as they are already a huge global brand, with financing sorted for their stadium rebuild, their own TV channel and dozens of staff working on sponsorships and digital marketing. They are especially against giving up a share of their future TV revenues over the coming decades.
马德里只是不认为CVC的交易对他们有好处，因为他们已经是一个巨大的全球品牌，已经为他们的体育场重建提供了资金，他们有自己的电视频道，还有几十名员工在从事赞助和数字营销。他们尤其反对放弃未来几十年的电视收入的份额。
Barcelona’s rejection of the CVC deal was a bit more nuanced. They have many of these super-club advantages already and building up potential challengers to their status is perhaps not in their interests either, given their current weaknesses on and off the pitch.
巴塞罗那对CVC交易的拒绝更细微一些。他们已经拥有许多这样的超级俱乐部优势，鉴于他们目前在球场内外的弱点，建立潜在的挑战者对他们的地位也许也不符合他们的利益。
Barca president Laporta has questioned the figures involved, while cautiously not completely ruling out getting involved, with his club’s €1.3 billion debts looming large.
巴萨主席拉波尔塔对所涉及的数字提出质疑，同时谨慎地不完全排除参与其中，因为他的俱乐部13亿欧元的债务隐约可见。
The most widely circulated of Laporta’s pronouncements about the CVC deal was the suggestion that Tebas told him last summer Barca could keep Lionel Messi at the Nou Camp if they voted for the deal. This claim has been rubbished by La Liga sources and is questionable given the size of the Catalan club’s financial issues. It is also a factor that Barca are opposed to La Liga’s financial controls, which some around Barcelona argue did not stop them from getting into the mess they are in (nor, they feel, are those regulations helping them get out of it).
在拉波尔塔关于CVC交易的声明中，流传最广的是暗示特巴斯去年夏天告诉他，如果他们投票支持该交易，巴萨可以将梅西留在诺坎普。这一说法已经被西甲的消息来源所驳斥，考虑到加泰罗尼亚俱乐部的财政问题的规模，这一说法是值得怀疑的。这也是巴萨反对西甲财务控制的一个因素，巴萨周围的一些人认为，西甲的财务控制并没有阻止他们陷入困境（他们认为，这些规定也没有帮助他们摆脱困境）。
Hanging over everything is the Super League project, which both Clasico clubs are still trying to keep alive via a legal challenge to UEFA in the European courts. Perez remains the Super League’s most public backer, while Tebas was one of the strongest voices against the project. Other La Liga clubs are still hurting from its fallout.
悬在一切之上的是超级联赛项目，两家克拉西科俱乐部仍然试图通过在欧洲法院向欧足联提出的法律挑战来维持该项目。佩雷斯仍然是超级联赛最公开的支持者，而特巴斯则是反对该项目最强烈的声音之一。其他西甲俱乐部仍在为其后果而伤脑筋。
“The CVC deal is good for the other clubs, but Real Madrid and Barcelona always want more, hence the Super League,” Sevilla president Jose Castro told The Athletic before the December 10 vote. “It cannot be that there are just some very rich clubs, and other very poor clubs, there needs to be a middle class who sometimes have a chance of winning big things. Football is everyone and everyone has the right to win things.”
"CVC的交易对其他俱乐部来说是好的，但皇马和巴萨总是想要更多，所以才有了超级联赛，"塞维利亚主席何塞-卡斯特罗在12月10日的投票前告诉《竞技报》。"不能只存在一些非常富有的俱乐部，和其他非常贫穷的俱乐部，需要有一个中产阶级，他们有时会有机会赢得大的东西。足球是每个人的，每个人都有权利赢得东西"。
This was a big reason for ambitious clubs to back the CVC deal. Clubs further down the ladder, in the lower half of Primera and in Segunda, say they need help to modernise and grow sustainably.
这是雄心勃勃的俱乐部支持CVC交易的一个重要原因。处于更低层次的俱乐部，如Primera的下半部分和Segunda，说他们需要帮助来实现现代化和可持续发展。
“For us, it is not about getting an investor — it is a partner, something that will help the league as a whole,” Mallorca CEO Alfonso Diaz tells The Athletic. “CVC has lots of experience in other sports, and this is a good moment to receive this support. We analysed it with our (US) owners, and decided that it was very good, not just for our club, but for La Liga together.”
"对我们来说，这不是为了得到一个投资者--这是一个合作伙伴，是对整个联赛有帮助的东西，"马洛卡首席执行官阿方索-迪亚兹告诉《体育报》。"CVC在其他体育项目上有很多经验，现在是一个接受这种支持的好时机。我们和我们的（美国）老板一起分析，并决定这非常好，不仅对我们的俱乐部，而且对西甲联赛一起。"
Speaking privately with sources within the Spanish football industry, inside and outside clubs, other views are heard. One industry source said many of the smaller clubs were generally interested in taking the money that was offered to them now, and not thinking too much about the long-term consequences. Fifteen per cent of the total money being available to pay off or refinance debts will be very welcome for clubs who have needed to open credit lines during the pandemic, for instance.
在与西班牙足球行业的消息人士私下交谈时，俱乐部内部和外部都听到了其他观点。一位业内人士说，许多小俱乐部一般只对现在提供给他们的资金感兴趣，而不会过多考虑长期后果。例如，总资金的15%可用于偿还或再融资债务，这对那些在大流行期间需要开设信贷额度的俱乐部来说是非常受欢迎的。
Another source said that, in theory, the clubs are supposed to set policy and agenda for the league, but it generally happens the other way around. “Tebas runs La Liga in a very personalised way — it seems it is his when really his job is to execute what the clubs ask him to do,” they said.
另一个消息来源说，从理论上讲，俱乐部应该为联赛制定政策和议程，但通常情况下是反过来的。"他们说："特巴斯以一种非常个人化的方式管理西甲--这似乎是他的事情，而实际上他的工作是执行俱乐部要求他做的事情。
The idea that clubs just blindly follow La Liga’s line is rejected by Mayo, who says the progress made in improving finances across the league since Tebas became president in 2013 has earned trust from the member clubs. However, he stresses they were still very keen to know all the details of the CVC deal before voting it through.
梅奥拒绝了俱乐部只是盲目跟随西甲路线的想法，他说自2013年特巴斯担任主席以来，整个联盟在改善财务方面取得的进展赢得了成员俱乐部的信任。然而，他强调，在投票通过之前，他们仍然非常希望了解CVC交易的所有细节。
“We have earned the confidence of the clubs, but that does not mean they will jump blindly off a bridge if Javier asks them to,” says Mayo. “The clubs are not stupid — they have great directors and executives, top-level businesspeople working there. They understand a complex operation like this. Spanish clubs are generally very mature and think about what is good for the competition, for the collective.”
"我们已经赢得了俱乐部的信任，但这并不意味着如果哈维尔要求他们跳桥，他们就会盲目地跳下去，"梅奥说。"这些俱乐部并不愚蠢--他们有伟大的董事和高管，顶级的商人在那里工作。他们了解这样一个复杂的操作。西班牙的俱乐部一般都很成熟，会考虑什么是对比赛、对集体有利的。"
Although La Liga stresses the initial talks with CVC began long before COVID-19 began, and the project will continue long after the pandemic is over, some clubs have been very open about the losses incurred during the pandemic being a factor in their acceptance of the CVC deal.
尽管西甲强调与CVC的初步谈判早在COVID-19开始之前就已经开始了，而且该项目将在大流行病结束后继续很长时间，但一些俱乐部已经非常公开地表示大流行病期间的损失是他们接受CVC协议的一个因素。
Meeting La Liga’s strict salary cap rules twice a year also adds pressure for clubs, who are struggling to balance their books and maintain competitive squads.
每年两次满足西甲严格的工资帽规则也增加了俱乐部的压力，他们正在努力平衡他们的账目并保持有竞争力的阵容。
A source critical of the CVC deal pointed out during a conversation with The Athletic that the first announcement of LaLiga Impulso was last August, close to the end of the summer transfer window, while the final December vote came as the January window was about to open. This source said these timings were used to pressure clubs to accept the deal, an idea dismissed by Mayo.
一位对CVC交易持批评态度的消息人士在与The Athletic谈话时指出，LaLiga Impulso的第一次宣布是在去年8月，接近夏季转会窗口的结束，而最后的12月投票是在1月窗口即将打开时进行的。这个消息来源说，这些时间是用来向俱乐部施压以接受交易的，这个想法被梅奥驳回了。
Even those clubs happy to go along with Tebas’ plans, and feel his policies have been good for them and La Liga generally, do not enjoy all the friction. Tebas’ tweets comparing Perez to Pinocchio might raise smiles but are not good PR.
即使是那些乐于配合特巴斯计划的俱乐部，并认为他的政策对他们和西甲普遍有利，也不会享受所有的摩擦。特巴斯在推特上把佩雷斯比作匹诺曹，可能会引起人们的笑声，但这不是好的公关。
“We were always clear that this is not about a war between Javier Tebas and Real Madrid, Barcelona and Athletic Bilbao,” Sevilla’s vice-president Jose Maria del Nido tells The Athletic. “For Sevilla, there were two proposals — one was to associate with an industry partner who would invest in La Liga, with the aim of increasing the TV revenues. The other proposal was more of a loan, to be guaranteed with a share of TV revenues. And Sevilla is a solvent club that can access bank credit if needed. We were always clear that we preferred the CVC deal, although we would have preferred all clubs to have come on board too. Growth of La Liga means growth of all the clubs.”
"我们一直很清楚，这不是关于哈维尔-特巴斯和皇家马德里、巴塞罗那和毕尔巴鄂竞技之间的战争，"塞维利亚的副主席何塞-玛丽亚-德尔-尼多告诉《竞技报》。"对塞维利亚来说，有两个提议--一个是与一个行业伙伴合作，他们将投资于西甲，目的是增加电视收入。另一个建议更像是贷款，以电视收入的份额作为担保。而塞维利亚是一个有偿付能力的俱乐部，如果需要，可以获得银行信贷。我们一直很清楚，我们更倾向于CVC的交易，尽管我们希望所有的俱乐部都能加入进来。西甲的发展意味着所有俱乐部的发展"。
Amid all the personality clashes and political machinations, less powerful voices tend to get drowned out and fall by the wayside. The initial deal included a specific €4.5 million committed to the women’s game, which is run in Spain by the RFEF. La Liga says that, as the RFEF opposed the deal, this was removed from the final agreement, however, it can be made available if the RFEF asks for it.
在所有的个性冲突和政治阴谋中，不那么强大的声音往往会被淹没，并被淘汰出局。最初的协议中包括了450万欧元用于女子足球运动，该运动在西班牙由RFEF管理。西甲表示，由于RFEF反对这项交易，这部分资金从最终协议中被删除了，但是，如果RFEF要求的话，可以提供。
Even after their apparent defeat at the December 10 assembly, the three rebel clubs did not stop their opposition. Five days later came another press release saying they had “taken legal action” against the “illegal” Impulso project. The deal may still need to be authorised by the Spanish government’s antitrust authorities, but La Liga says it expects the deal to get 100 per cent closed before 2022 starts, and the first €400 million from CVC will start to be paid out to the clubs over the coming weeks.
即使在12月10日的大会上明显失败后，这三个反叛俱乐部也没有停止他们的反对。五天后，他们又发布了一份新闻稿，称他们已经对 "非法 "的Impulso项目 "采取了法律行动"。该交易可能仍然需要得到西班牙政府反垄断机构的授权，但西甲表示，它预计该交易将在2022年开始前100%完成，CVC的第一笔4亿欧元将在未来几周开始支付给俱乐部。
One remaining question is whether the “rebel” clubs will come on board. “Some of those who ended up outside will end up inside, for sure,” says La Liga’s Mayo, who claims talks with Barcelona about joining the project are ongoing.
剩下的一个问题是 "反叛 "的俱乐部是否会加入进来。西甲的梅奥说："一些最终被拒之门外的人最终肯定会加入进来，"他声称与巴塞罗那关于加入该项目的谈判正在进行。
It is very possible that in the end, only Real Madrid remain outside.
很有可能最后只有皇家马德里留在外面。
€2 billion is a lot of money — even divided between 38, or 39, or 41 clubs. So what will it be spent on?
20亿欧元是一个很大的数字--即使是在38个或39个或41个俱乐部之间分配。那么，这些钱将花在什么地方？
The money is to be paid out in four tranches — the first is to arrive within the coming weeks. The other three will reach clubs in June 2022, 2023 and 2024.
这笔钱将分四次支付--第一次将在未来几周内到达。其他三笔将在2022年、2023年和2024年6月到达俱乐部。
The money is not divided equally among all clubs — instead, each gets a percentage based on the TV revenues received over the last seven years, which itself is based on a complicated formula involving historic performances and size of fanbase.
这笔钱并不是在所有俱乐部之间平均分配的--相反，每个俱乐部都会根据过去七年的电视收入获得一定的比例，这本身是基于一个复杂的公式，涉及到历史表现和球迷群体的规模。
This means Madrid and Barcelona would get the most from the deal, were they inside. As they are not, at the moment, Atletico Madrid are due the most at almost €200 million. Established Primera clubs Real Sociedad, Villarreal and Betis will receive around €100 million, smaller outfits Getafe, Alaves and Levante about €70 million, and yo-yo clubs Mallorca, Elche and Rayo Vallecano get €25-30 million.
这意味着马德里和巴塞罗那将从这笔交易中获得最大的收益，如果他们在里面的话。由于他们没有，目前，马德里竞技将得到最多的近2亿欧元。皇家社会、比利亚雷亚尔和贝蒂斯将获得约1亿欧元，较小的赫塔菲、阿拉维斯和莱万特将获得约7000万欧元，而马洛卡、埃尔切和巴列卡诺将获得2500-3000万欧元。
Most immediately, the 15 per cent of funds received that can be used for squad strengthening is very welcome by the clubs. This money was factored into the calculations for the total squad salary limits permitted under La Liga’s strict financial fair play rules last summer, according to Sevilla’s Del Nido.
最直接的是，收到的15%的资金可用于加强球队实力，这一点非常受俱乐部欢迎。据塞维利亚的德尔尼多说，这笔钱被计入了去年夏天西甲严格的财政公平竞赛规则所允许的球队总工资限额的计算。
“We have already used part of this money, following La Liga’s outlines, to sign players in last summer’s market, when despite the circumstances we brought in six new players,” Del Nido Carrasco says. “And we will be looking at the market in January to see what we can do.”
"我们已经使用了这笔钱的一部分，按照西甲的大纲，在去年夏天的市场上签下了球员，当时尽管情况很糟，我们还是引进了6名新球员，"德尔尼多-卡拉斯科说。"而我们将在一月份关注市场，看看我们能做什么。"
La Liga is keen, however, for the clubs to look longer term and make plans for the 70 per cent that must go on infrastructure. The most obvious use of funds, and biggest outlays, will be on stadium improvements. Sevilla, Valencia, Rayo Vallecano, Mallorca, Granada, Getafe, Elche and Alaves are among the clubs who will use CVC money on their stadia, with a focus on improving facilities to increase revenues.
然而，西甲热衷于让俱乐部看得更长远，并为必须用于基础设施的70%的资金制定计划。最明显的资金使用，也是最大的支出，将是在体育场的改善。塞维利亚、瓦伦西亚、巴列卡诺、马洛卡、格拉纳达、赫塔菲、埃尔切和阿拉维斯等俱乐部将把CVC资金用于他们的体育场，重点是改善设施以增加收入。
“A while ago, we began a remodelling of our training ground and we want to finalise the works there,” Del Nido says. “We are working with Legends Consultancy on whether to reform the Ramon Sanchez Pizjuan stadium or knock it down and build a new ground. We want it to be a source of more revenue on days without games, then on game day, to be able to offer our fans a wider experience. If we get the go-ahead from CVC, we would direct the majority of the 70 per cent for infrastructure into this new stadium project.”
"德尔尼多说："前一段时间，我们开始改造我们的训练场，我们希望最后完成那里的工程。"我们正在与传奇咨询公司合作，研究是对拉蒙-桑切斯-皮斯胡安球场进行改造，还是将其拆除并建造一个新球场。我们希望它能在没有比赛的日子里成为更多收入的来源，然后在比赛日，能够为我们的球迷提供更广泛的体验。如果我们得到CVC的批准，我们将把用于基础设施的70%的大部分资金投入到这个新球场项目中。"
More than half of Primera and Segunda clubs are considering improvements at their training grounds. Real Sociedad and Osasuna have plans for mini stadiums to host their women’s and B teams, while Real Betis are preparing a new “sports city” with 15 pitches, padel and tennis courts, a sports pavilion, and an 8,000-capacity stadium. Atletico Madrid, Espanyol, Mallorca, Cadiz and Levante also have plans in this area. Various clubs plan to invest some of their money in their women’s teams, The Athletic was told.
超过一半的Primera和Segunda俱乐部正在考虑改善他们的训练场地。皇家社会和奥萨苏纳计划建造小型体育场来接待他们的女队和B队，而皇家贝蒂斯正在准备一个新的 "体育城"，其中有15个球场、滑冰场和网球场、一个体育亭和一个可容纳8000人的体育场。马德里竞技、西班牙人、马洛卡、加的斯和莱万特也有这方面的计划。竞技报》获悉，各个俱乐部计划将部分资金投入到他们的女队中。
La Liga is especially keen for clubs to take the opportunity to invest in technology and digital platforms — to connect with fans and support global branding, marketing, and communications efforts.
西甲特别热衷于俱乐部利用机会投资于技术和数字平台--与球迷联系，支持全球品牌、营销和沟通工作。
“We want them to invest in things that will generate international growth and generate revenues”, Mayo says. “A team has been created within La Liga, with support from CVC and external experts, to advise the clubs in each of these areas.”
"我们希望他们投资于能够产生国际增长和创造收入的事情"，梅奥说。"在CVC和外部专家的支持下，西甲内部已经成立了一个团队，为各俱乐部提供这些方面的建议"。
On this line, Levante plan to invest in “big data” to improve fan engagement. Atletico Madrid will use the CVC money for Atleti Studios, an in-house production company. Mallorca and Valencia are among the clubs looking at developing digital platforms to boost their global appeal.
在这条路线上，莱万特计划投资于 "大数据 "以提高球迷的参与度。马德里竞技将把CVC的资金用于内部制作公司Atleti Studios。马洛卡和瓦伦西亚是正在寻求开发数字平台以提高其全球吸引力的俱乐部之一。
“We are looking very closely at what investments we can make, in the stadium and the training ground,” Mallorca’s Diaz tells The Athletic. “We have been working a lot in Asia to grow our brand recognition and impact. We want to expand in the US and South American markets, too. The CVC funds will help with this growth.”
"我们正在密切关注我们可以做哪些投资，在体育场和训练场，"马洛卡的迪亚兹告诉《竞技》。"我们已经在亚洲做了很多工作，以提高我们的品牌知名度和影响力。我们也希望在美国和南美市场进行扩张。CVC的资金将有助于这一增长"。
All of these projects — from building a new stand at the stadium to setting up a new club TV channel — will need to submit detailed development plans to the advisory team at La Liga HQ before receiving funding. This was one of the criticisms of the whole project from those backing the LaLiga Sostenible counter-proposal, who questioned whether CVC’s experience and expertise in other sports were useful for Spanish football. Even some clubs who voted for the deal have mixed feelings about having to ask for permission on how to spend money.
所有这些项目--从在体育场建造一个新看台到建立一个新的俱乐部电视频道--都需要在获得资金之前向西甲总部的咨询团队提交详细的发展计划。这也是支持西甲可持续发展反建议的人对整个项目的批评之一，他们质疑CVC在其他运动领域的经验和专业知识对西班牙足球是否有用。即使是一些投票支持该交易的俱乐部，也对必须就如何花钱征得同意有不同看法。
La Liga argues this part of the agreement is actually a positive for the clubs and will take away the temptation to spend money on short-term projects or resolve immediate problems. Projects will not be rejected outright — instead, La Liga says it will work with clubs on their ideas to ensure they generate revenue and growth.
西甲认为，协议的这一部分对俱乐部来说实际上是积极的，将消除在短期项目上花钱的诱惑或解决眼前的问题。项目不会被直接拒绝--相反，西甲表示，它将与俱乐部合作，确保他们的想法能够产生收入和增长。
“We will not be telling the clubs, ‘Don’t do this, do this instead’,” Mayo says.
"我们不会告诉俱乐部，'不要做这个，改做这个'，"梅奥说。
Another interesting angle of the CVC partnership sees the establishment of a new company taking over the international business development of La Liga itself. CVC will have a stake in his company — having invested €65 million. This “joint vehicle” will handle business matters including broadcast deals, sponsorships and other commercial arrangements.
CVC合作的另一个有趣的角度是建立一个新的公司来接管西甲本身的国际业务发展。CVC将在其公司中拥有股份--已投资6500万欧元。这个 "联合机构 "将处理商业事务，包括广播交易、赞助和其他商业安排。
An example of these promotional activities is the rolling out of a chain of La Liga themed “TwentyNine” restaurants. The first of these opened just last week at Catalan theme park resort PortAventura, and others are planned for the Middle East, North Africa and other regions.
这些促销活动的一个例子是推出了以西甲为主题的 "二十九 "连锁餐厅。其中第一家餐厅上周刚刚在加泰罗尼亚主题公园度假区PortAventura开业，其他餐厅也计划在中东、北非和其他地区开业。
The next few years should see the rolling-out of many of the LaLiga Impulso projects — remodelled stadiums, club TV channels, or overseas offices to attract new club sponsors. The expectation is the return on investment on all these projects will grow La Liga’s revenues by significantly more than the 10 per cent of TV monies paid out to CVC each year.
在接下来的几年里，西甲的许多项目都将陆续展开--改造后的体育场、俱乐部电视频道或吸引新俱乐部赞助商的海外办事处。预计所有这些项目的投资回报将使西甲的收入增长，大大超过每年支付给CVC的10%的电视费。
“The money that CVC will invest in La Liga, so that clubs can make investments over the longer term, will mean clubs will be stronger financially long term,” Del Nido says. “The more financially powerful the clubs are, the better the level of players they can sign, which brings an improved standard of games and more clubs capable of competing for big trophies. That makes La Liga more attractive, more interesting to sponsors and partners, and generates more revenue. So the CVC deal means La Liga can keep growing quickly.”
"CVC将在西甲投资的资金，使俱乐部能够进行长期投资，这将意味着俱乐部在财政上将长期变得更加强大，"德尔尼多说。"俱乐部的经济实力越强，他们能够签署的球员水平就越高，这就带来了比赛标准的提高，更多的俱乐部有能力竞争大奖杯。这使得西甲联赛更具吸引力，对赞助商和合作伙伴更有吸引力，并产生更多收入。因此，CVC的交易意味着西甲可以保持快速增长"。
The investments in stadiums and marketing activities will pay off over time but a big moment to judge whether Impulso is a success will be when the next round of TV deals come along.
对体育场和营销活动的投资将随着时间的推移得到回报，但判断英普索是否成功的重要时刻将是下一轮电视交易出现的时候。
That will not be for a while. Three days after the December 10 vote, La Liga announced its new national TV rights deal, which saw DAZN join Telefonica as partner broadcasters for the next five years in exchange for €4.95 billion, a one per cent increase on the previous deal. The current US deal with ESPN runs to 2028-29 and is worth $1.4 billion. CVC have lots of experience in maximising such big broadcast deals and they are also an investor in Deltatre, a streaming technology provider with partners including the NFL.
这将不是一时半会的事。12月10日投票后三天，西甲宣布了新的全国电视转播权协议，DAZN加入西班牙电信，成为未来五年的合作转播商，换取49.5亿欧元，比之前的协议增加了1%。目前美国与ESPN的交易持续到2028-29年，价值14亿美元。CVC在最大限度地利用此类大型广播交易方面有很多经验，他们也是Deltatre的投资者，Deltatre是一家流媒体技术供应商，合作伙伴包括美国橄榄球联盟。
Although the Impulso deal is to last 50 years, CVC managing director Juan Arbide said at an event in September that his company usually exits its investments after eight to 10 years. Sources say CVC is confident that La Liga’s overall value — set by the deal at €24.250 billion — can grow significantly over the next decade.
虽然Impulso的交易将持续50年，但CVC总经理Juan Arbide在9月的一次活动中表示，他的公司通常在8到10年后退出其投资。有消息称，CVC相信西甲的整体价值--交易设定为242.50亿欧元--能够在未来十年内大幅增长。
La Liga’s Mayo says this should not be a cause for concern for anyone involved.
西甲的梅奥说，这不应该成为任何相关人员的担忧。
“CVC is coming in to give a boost,” Mayo says. “Then we grow together until another partner might be better in another moment.”
"CVC进来是为了给大家打气，"梅奥说。"然后我们一起成长，直到另一个合作伙伴在另一个时刻可能会更好。"
The Athletic also understands several La Liga clubs could be for sale. The improvements that the CVC deal is designed to bring about should make clubs more attractive to potential buyers while also increasing their value. This is not a concern for the three rebels, coincidentally or not, as they are three of the four fully member-owned clubs in La Liga.
Those three clubs have still not given up hope of stopping LaLiga Impulso but the rest have already moved on to how they will roll out what one source close to the deal called a “win-win” for La Liga and its clubs.
这三家俱乐部仍然没有放弃阻止LaLiga Impulso的希望，但其余的已经开始着手如何推出一位接近交易的消息人士所说的西甲及其俱乐部的 "双赢"。
Sceptics remain and there are always competing interests within Spanish football. But for now, the partnership with CVC looks like a big win for La Liga president Javier Tebas and his vision for the future of the game.
怀疑者依然存在，西班牙足球内部总是存在着利益冲突。但就目前而言，与CVC的合作看起来是西甲主席哈维尔-特巴斯和他对足球运动未来的愿景的一次重大胜利。
(Top photo: Xavier Bonilla/NurPhoto via Getty Images)
(顶部照片: Xavier Bonilla/NurPhoto via Getty Images)