What happened: Real Madrid has issued an official statement declining to join the new investment agreement approved by Liga F, the deal financed by Gasol16 Ventures, the fund led by former basketball player Pau Gasol. The club and roughly a quarter of the competition's teams are staying outside the pact, which would channel outside capital into the women's league in exchange for a long-term share of its rights.

Why it matters: The stance directly echoes Real Madrid's rejection of the CVC fund in the men's LaLiga and its earlier courtroom fight with Javier Tebas over selling audiovisual and commercial rights. Madrid frames the deal as a 'quick money' formula that mortgages the league's future, and it is demanding that clubs choosing to opt out face no financial penalty or different institutional treatment.

What to watch: Watch whether Liga F penalizes the clubs that opted out and how the dissenting quarter of the league responds, plus any move by Madrid to challenge the terms as it did against CVC.