The Spanish media rights agency Mediapro has signed an agreement with the French football board LFP on its broadcasting rights in Ligue 1 to resolve a dispute over payments, the French newspapers L’Equipe and Le Parisien reported on Friday.
Under the terms of the agreement, Mediapro, majority owned by the Chinese venture capital fund Orient Hontai, will give up its TV rights for a record € 780 million per season over the period 2020-2024 and pay a fraction of two payments missed by the heavily indebted group .
Mediapro agreed to pay 100 million euros to free itself from its financial commitments to LFP, L’Equipe reported. The two payments it missed, due in October and December, were worth more than EUR 300 million.
Mediapro’s founder Jaume Roures said in October that the company was working to find an agreement on its broadcasting rights after LFP issued Mediapro with a formal announcement in honor of the first payment, worth 172 million euros (208.58 million dollars).
As a result, the Telefoot channel launched by Mediapro in August in France will stop broadcasting, the newspapers reported.
LFP was not immediately available for comment. A spokesman for Mediapro declined to comment on the details of the agreement but confirmed that Telefoot will discontinue the December 23 broadcast.