MADRID: Spain's top football league announced Wednesday it has agreed in principle to sell 10 percent of its business to private equity firm CVC Capital Partners for 2.7 billion euros ($3.2 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 percent."

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

A private equity consortium including CVC sought to buy a stake in the media division of Italy's main football league but the deal floundered earlier this year because major clubs including Juventus and Inter Milan opposed it, arguing the price offered was too low.

Around 90 percent of the funds which CVC will invest will be channelled directly to La Liga's clubs, including lower tier ones.

The deal comes as Spanish clubs grapple with a drop in revenues as the pandemic forces matches to be played in empty stadiums.

And it follows the collapse four months ago of plans by 12 leading football teams -- including Real Madrid, Barcelona and Atletico Madrid -- to create a European Super League.

CVC has prior experience with investments in sports-related businesses.