French league approves $1.66 billion deal with CVC Capital

PARIS (AP) — The French soccer league has approved an investment deal with private equity firm CVC Capital Partners as part of a new commercial subsidiary in charge of marketing media rights. CVC has committed to invest $1.66 billion. CVC will in return hold a 13.0% stake in the league. A large majority of Spain’s top soccer clubs ratified an investment plan with the same private equity firm last year. The league says it expects the deal to be completed by the end of July