LaLiga has announced it has agreed in principle to sell 10 percent of its business to private equity firm CVC Capital Partners for €2.7 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,” LaLiga 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.”

The announcement is an “agreement in principle” and will have to be ratified by all 42 clubs between LaLiga’s top flight and Segunda División.