Real / Barca and La Liga seem to have completely different views on TV rights in this deal. The two giants seem to be of the opinion that over 11 percent of this holding company actually also has TV rights and not just the so-called "negocio comercial".
However, the league insists that this is not the case. In fact, according to the league, the TV funds are apparently issued as guarantees (which is probably why Laporta used the word "hipotecar el club") and an agreement was concluded with CVC on participation accounts ("un contrato de cuenta en participacion") which - in the end - part of the TV revenues should flow over to CVC in return for a very favorable start-up financing in times of a pandemic. It is important to mention: this is apparently a deal that - in the opinion of the league - is similar in terms of its basic structure to that of the Super League, because JPM would have gradually benefited from the TV revenues of the SL clubs.
But again: the TV rights themselves are not fed into this holding company - in the opinion of the league-. This holding was founded so that in the end only the "negocio comercial" would come in. The league retains 100 percent of the TV rights and can do whatever it wants with them. In fact, however, part of the "beneficios" is given in the course of this (apparently separate) contract. In the end, it makes no difference whether the TV rights are now in this holding company or not, apparently the clubs are supposed to cede certain income in one way or another in order to dampen the effects of the pandemic in return. How much that is exactly I have not been able to find out from the league, but according to Real, this proportion should be exactly 11 percent (or better said: CVC's share of the "negocio comercial").
Why does real think that? No idea. Maybe because the TV rights are added to the negocio comercial there? Because they have found passages in the wording of the contract that indicate that CVC's participation is based on the negocio comercial? I dont know. De facto, however, the information about the TV rights is apparently irrelevant, because due to these participation rights in the TV revenues, the TV rights are de facto given up to a certain extent anyway. What I do know, however, is that the league continues to believe that they will continue to have 100 percent control over bare TV rights themselves. As has already been mentioned several times, these are not part of this holding company.
Extremely explosive: Laporta himself cannot have been surprised by the league's advance in terms of CVC. Apparently there were up to 7 meetings between the club and the league with Tebas, in which this deal was discussed in detail. According to Tebas, Laporta is said to have been in favor of the deal up to 72 hours ago and to have given his approval. Apparently, however, before closing the deal with Messi (and thus Barca's de facto approval for CVC), CEO Ferran Reverter informed Laporta of various circumstances regarding these participation rights, which the club has not been entirely aware of in the last few weeks. These could only have been really understood or understood by the club in the course of due diligence, or it was actually hoped that a separate deal could be negotiated with Tebas and the whole thing is now blaming the CVC deal.
Anyway, the whole story gives a highly dubious picture of all the actors involved in this case. How this will continue now, who is right and whose views are the right ones, remains to be seen. In any case, it turns out that Leo's future does indeed seem to have depended to some extent on this deal with CVC. There is no other way I can explain why the league otherwise agreed to keep Messi on some time ago. That can only be related to the fact that Laporta and Tebas found each other in the course of these 7 meetings and agreed on the CVC deal and thus also the contract regarding Messi.