Spanish clubs ratify investment plan, without Madrid, Barca

MADRID (AP) — A large majority of Spain’s soccer clubs have ratified an investment plan with a private equity CVC firm to inject 1.9 billion euros ($2.1 billion) into the competitions, although Real Madrid of Barcelona were the notable exceptions. The league said that 37 of 42 clubs making up Spain’s first and second divisions backed the venture. Madrid, Barcelona and fellow topflight club Athletic Bilbao opted out. The league said that 70% of the money coming to clubs must be used for long-term growth investments. Only 15% can be used for new player signings. The other 15% will be allocated to paying off debts.