Five years after La Liga approved its $2.4 billion private equity partnership with CVC Capital Partners, Spain’s women’s league are following a similar playbook.On June 29, 12 of 16 clubs in Liga F voted to approve a $64.5 million (€55 million) investment from former NBA star Pau Gasol through his investment vehicle, Gasol16 Ventures, in partnership with Fortified Partners. The vote was conducted by secret ballot, and Liga F has not publicly disclosed how each club voted or released the full terms of the agreement, including what commercial rights or future revenues Gasol’s investment group will receive in return. The required two-thirds majority was enough to pass the deal. Real Madrid later confirmed it was among the four clubs to reject the deal, arguing that exchanging a share of the league’s long-term commercial rights for an immediate cash injection may not be a sustainable strategy as women’s soccer continues to grow.The opposition was hardly surprising. Real Madrid and FC Barcelona also declined to join CVC investment in LaLiga on the men’s side, reflecting their reluctance to trade future commercial rights for upfront capital. While Liga F’s deal sounds similar, according to Real Madrid, what clubs will receive versus what they have to give back is vastly different.“Real Madrid believes that this agreement does not align with the growth model of women’s football, which is based on sustainability, transparency, and the full autonomy of the clubs,” the club said in a statement. “Under this agreement, the affiliated clubs will receive 40 million euros collectively, and in exchange, they will forfeit a percentage of revenues for 25 years. Additionally, Liga F will receive 12 million euros, and another 3 million euros will be allocated for the acquisition of certain image rights of some players.”Real Madrid was one of the four clubs that rejected the deal with Gasol’s investment firm. (David Ramos / Getty Images)According to Real Madrid statement, under the agreement, Gasol16 will receive between 35 percent and 49 percent of Liga F’s broadcast and sponsorship revenues over the next 25 years. So clubs who agreed would receive €3.3 million, but the league would share almost half of its commercial revenues with the investors until 2051.Liga F declined to comment on the details of the agreement when The Athletic reached out for comment, but said in a statement that the capital will be used to strengthen the league’s commercial and operational structure, support the sustainable growth of its clubs and enhance the global profile of its players.Real Madrid’s rivals and last year’s Liga F and UEFA Champions League champions, Barcelona, have taken a different approach. The club voted in favor of the investment agreement; however, they said in a statement that “voting in favor of the proposal does not mean it has formally joined the agreement.” Barcelona said it believes the proposal could strengthen Liga F’s commercial growth, attract top talent and create new revenue streams to support the long-term sustainability of its clubs. The club added that it will decide whether to formally join the agreement after reviewing the transaction’s terms and implications.While the financial returns and implications of the agreement have raised eyebrows, Gasol says the investment is less about revenues and more about doing the right thing.“For me, this investment is about building something that lasts. Financial returns matter, and we’re confident they’ll come, but for me, that’s only one part of what makes this investment meaningful,” Gasol told The Athletic in an email shortly after the deal was approved. The NBA Hall of Famer has a history of backing women’s sports in the United States, including equity involvement in the National Women’s Soccer League (NWSL) franchise Bay FC and a $75 million capital raise in 2022 that acquired a 16 percent equity stake in the WNBA.“Our investment philosophy at Gasol16 Ventures is not only based on the financial aspect of the business, but also on what we can bring to the table given the unique skillset and experience of our team,” Gasol said.NBA Hall of Famer Pau Gasol has a history of backing women’s sports in the United States. (Lluis Gene / AFP via Getty Images)Despite those assurances, if Real Madrid’s account is correct, the terms could prove exceptionally favorable to Gasol, allowing his investment firm to benefit disproportionately if Liga succeeds in expanding its broadcast and sponsorship revenues.