Clifford Chance, Latham & Watkins, and Spain’s Uría Menéndez are advising on a late-game effort by three Spanish football teams to avert an alliance between the Spanish football league LaLiga and private equity giant CVC Capital Partners.

Real Madrid, Barcelona, and Athletic Bilbao are making a counteroffer to CVC’s €2 billion proposed capital injection into LaLiga, which has struggled financially as the COVID-19 pandemic interrupted play.