"The negotiation was done without competitive process... giving the CVC fund over 20% annual returns," Real Madrid said in a statement, adding that the operation's structure was"deceitful" and would expropriate the clubs of a portion of their audiovisual rights over the next 50 years.
Relations between Madrid and La Liga, which have often been strained, hit new lows earlier this year after the club spearheaded a movement to create a breakaway European Super League with 11 other major teams. Real Madrid said they would call an assembly of their partners to debate the agreement and discuss the"unprecedented patrimonial losses".
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